McCormick & Co. Inc. said Monday it plans to streamline operations in Europe, Middle East and Africa as part of at least $85 million in companywide cost-cutting planned for this year.
In a plan to cut fixed costs, boost profit margins and make selling and administrative functions more efficient, some functions in those regions will be transferred to the recently established McCormick Shared Services Center in Lodz, Poland, the company said.
The spice and flavorings maker expects to record about $25 million in charges related to the moves, which is expected to lower earnings per share in 2015 by 13 cents per share.