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McCormick & Co Inc (MKC) Q1 2021 Earnings Call Transcript
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Australia: McCormick Foods workers strike after five-year wage freeze
Nearly 100 workers at the McCormick Foods factory in the Melbourne suburb of Clayton began indefinite strike action on February 26. The industrial action follows a five-year long wage freeze and company plans to slash conditions and penalty rates of the workforce, which is covered by the United Workers Union (UWU).
McCormick Foods Australia is part of a US-based Fortune 1,000 corporation that is one of the largest producers of herbs and spices in the world. Globally, McCormick has 13,000 employees and annual revenues of more than $4 billion.
As well as processing McCormick-branded spices, the Melbourne plant supplies condiments to fast-food outlets KFC, McDonalds, Hungry Jacks, Subway and others. Supermarket chains Aldi, Woolworths and Costco also source food products from McCormick, with Keens mustard, Aeroplane jelly and Gourmet Garden among the lines produced at the Clayton factory.
Vice President Investor Relations
Good morning. This is Kasey Jenkins, Vice President of McCormick Investor Relations. Thank you for joining today s Fourth Quarter Earnings Call. To accompany this call, we ve posted set of slides at ir.mccormick.com. [Operator Instructions] We ll begin with remarks from Lawrence Kurzius, Chairman, President and CEO and Mike Smith, Executive Vice President and CFO.
During our remarks, we will refer to certain non-GAAP financial measures. These include information in constant currency, as well as adjusted gross margin, adjusted operating income, adjusted income tax rate, adjusted earnings per share and adjusted leverage ratio that exclude the impact of special charges, transaction and integration expenses related to the acquisitions of Cholula and FONA, and for 2019, the net non-recurring benefit associated with the U.S. Tax Act. Reconciliations to the GAAP results are included in this morning s press release and slides.