McCormick plans secondary London listing after Unilever Foods merger, unveils operating structure

July 23 (Reuters) - McCormick said on Thursday it would seek a secondary listing on the London Stock Exchange and unveiled the operating model for the company that will be formed after its planned $45 billion combination with Unilever's Foods business.

The deal, announced in March and expected to close by mid-2027, is a bet that rising global demand for flavor-rich, healthier food can help counter a maturing U.S. market. It has been met with concerns about the transaction's structure, long path to closing and potential antitrust risks.

The merged company will operate under Americas Consumer, International Consumer, Global Food Service and Global Flavor divisions, McCormick said, and will be helmed by a blend of executives drawn from both companies.

McCormick said the two consumer divisions would house retail sales of herbs, spices, seasonings, cooking aids, condiments and sauces, while the Global Food Service and Global Flavor businesses would focus on restaurant, food service and industrial customers.

"The strong cultural alignment between our businesses reinforces our conviction in the strategic merits of this combination," Andrew Foust, McCormick's chief integration officer, said. Foust is slated to become the president of the combined company's Americas Consumer segment.

The International Consumer and Global Food Service segments will be headed by Unilever's Heiko Schipper and Nuria Hernandez, respectively, while McCormick's Suzanne Roy is set to be the president of the Global Flavor segment.

McCormick CEO Brendan Foley and CFO Marcos Gabriel will continue in the same roles at the combined entity.

The U.S. packaged food maker added it would retain its primary stock listing on the New York Stock Exchange, and its global headquarters will remain in Hunt Valley, Maryland. It will also have an international headquarters in the Netherlands, where Unilever operates R&D facilities.

Unilever became a single holding company based in Britain in 2020, unwinding a dual-headed structure with a Dutch listing, which had been in place for 90 years.

(Reporting by Neil J Kanatt in Bengaluru)