Unilever Sells Food Brands to McCormick for $15.7B

McCormick pays $15.7 billion to Unilever for Hellmann's mayonnaise, Knorr seasonings, and other brands. New company retains McCormick name and leadership. Unilever shareholders will own 55.1% of the food unit post-merger.

McCormick CEO Brendan Foley sees the deal as acceleration of their flavor strategy and admires Unilever's portfolio.