McCormick Eyes $1 Billion Deal To Acquire Duke's Mayonnaise Maker

Group 1: Acquisition Consideration - McCormick & Company is considering acquiring Sauer Brands from Falfurrias Capital Partners for a valuation exceeding $1 billion [1] - Sauer Brands is known for its Duke's mayonnaise and also produces spices, herbs, and other condiments [1] Group 2: Recent Financial Performance - As of August 31, 2024, McCormick held $200.8 million in cash and equivalents [3] - The company reported third-quarter sales of $1.68 billion, surpassing the analyst consensus estimate of $1.67 billion [3] - Adjusted EPS for the quarter was 83 cents, exceeding the street view estimate of 67 cents [3] - McCormick anticipates fiscal 2024 sales growth between -1% and 1% and expects EPS of $2.85 to $2.90, compared to the analyst consensus of $2.86 [3] Group 3: Market Sentiment and Stock Performance - Jim Cramer recommended buying McCormick on CNBC's "Mad Money Lightning Round," describing it as an excellent investment idea [4] - McCormick's stock has surged over 15% year-to-date [4] - As of the publication date, McCormick's stock price was up 0.64% at $80.68 [5]