Spice maker to combine with Unilever in latest food industry shakeup

McCormick & Co. is merging with Unilever’s foods division in a landmark $29 billion deal that will combine iconic brands like Hellmann’s and Knorr with McCormick’s global spice portfolio. Upon closing, Unilever and its shareholders will own 65% of the combined food company, while McCormick shareholders will retain 35%. The merger is part of Unilever’s broader shift away from food toward beauty and wellness, while giving McCormick significantly expanded reach in high-growth Asian and Latin American markets.