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McCormick Profits Rise in 2009

NEW YORK - Jan 28/10 - SNS -- McCormick reported net income of U.S $116.4 million on sales of $605 million for the fourth quarter ending November 30, compared to a net of $82.5 million on sales of $579.9 million during the same three month period last year.

This lifted net income for the fiscal year to $299.8 million on sales of $1,911.2 million, compared to a net of $255.8 million on sales of $1,850.8 million during the previous year.

Alan D. Wilson, Chairman, President & CEO, commented, "Our fourth quarter results were a strong finish to a successful year at McCormick. Profit results for the fiscal year were driven by a 5% increase in sales, when measured in local currency, and substantial margin improvement.

"Acquisitions are an integral part of our growth strategy and in 2009, much of our sales growth and margin improvement were led by Lawry's which we acquired in July 2008. In addition, we achieved CCI-led cost reductions of $42 million which provided the fuel for a 15% increase in marketing programs to support our leading brands."

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