Spice giant buys Illinois flavor firm
McCormick is paying $710 million for Geneva-based Fona International.
Ally Marotti
Baltimore County Government via Flickr
Spice maker McCormick is paying $710 million to acquire flavor company Fona International.
Geneva-based Fona makes flavors for foods and beverages, focusing on natural products. Its library includes tens of thousands of flavors, and its customers include well-known makers of candy, ice cream, soft drinks and more.
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Fona was founded more than 30 years ago and does about $114 million in annual sales, according to the statement. It has 220 employees.
"The Slawek family is very proud of the customers, the employee culture and the company we have built," Joseph Slawek, CEO and chairman of Fona, said in the statement. "We are excited to see the next generation of Fona flourish as part of McCormick."
Erik Unger
Joseph Slawek, CEO of Fona International, has been in the flavor business since he was 16.
Slawek will remain in an advisory role, and Fona's leadership team is expected to remain, according to a McCormick spokeswoman. Nneka Rimmer, McCormick's president of global flavors and extracts, will be responsible for managing the Fona business, the spokeswoman said.
Fona's headquarters will also remain in Geneva, where it operates a research and development facility that was a main reason for McCormick's acquisition, she said. It's location in the Chicago area provides access to talent and exposure to consumers.
The acquisition helps fuel Hunt Valley, Md.-based McCormick's growth strategy by adding to its flavoring offerings, President and CEO Lawrence Kurzius said in a statement:
"Fona's portfolio is highly complementary to McCormick's and will provide our customers with an even more comprehensive product offering to meet the growing demand for clean and flavorful eating, drinking and nutrition experiences."
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