Geneva flavor company FONA, which just gave staff big bonuses, being sold to McCormick
Geneva-based FONA International, a flavorings company that recently bestowed big surprise bonuses on all its workers, is being sold to spice giant McCormick & Co. Inc.
McCormick announced Wednesday morning it is paying $710 million in cash to buy 100 percent of the shares of FONA and some of FONA's affiliates.
"The Slawek family is very proud of the customers, the employee culture and the company we have built. We are excited to see the next generation of FONA flourish as part of McCormick," Joseph Slawek, FONA's founder, chairman and chief executive officer, said in the news release from McCormick. "We are confident McCormick will further enable FONA's forward momentum by continuing to make investments in growth initiatives, capabilities and people. Fueled by the power of McCormick, FONA's success will be accelerated. FONA, in turn, will be a key driver in advancing McCormick's global flavor leadership."
Slawek started FONA, formerly called Flavors of North America, in 1987. It moved to a new facility in Geneva in 2005.
In November, the company made the news when it gave its 220 workers bonuses of $2,500 for every year of service. Some longtime employees received more than $50,000.
FONA creates and makes flavor products for the confection, grain, beverage and nutrition markets.
"FONA's portfolio is highly complementary to McCormick's and will provide our customers with an even more comprehensive product offering to meet the growing demand for clean and flavorful eating, drinking and nutrition experiences," McCormick chairman, president and CEO Lawrence E. Kurzius said in the statement.