This excerpt taken from the MKC 10-K filed Jan 27, 2005.
Our growth initiatives are expected to drive 5% annual sales increases. The pace of growth may vary year to year due to acquisitions, foreign exchange and other factors. Our ongoing focus on value-added products will continue to boost profit margins.
For 2005, new products in the pipeline include flavored beverages, salty snack seasonings, and coating and grilling systems. With cost reduction activities helping the bottom line, profit margins for the industrial business will continue to improve.
We are building our leadership position in flavors. With our wide range of flavor solutions and ability to create consumerpreferred products, customers increasingly turn to McCormick for new product ideas and as a preferred supplier of great flavor solutions.