Cholula maker McCormick & Company Inc is looking to hike prices on its spices and hot sauces but is getting 'pushback' on the increases, CEO Lawrence Kurzius said in an interview with Reuters on Tuesday.
"Everyone is frustrated with costs going up and so are we," Kurzius said, adding that McCormick's conversations with its customers on the price increases have a "certain amount of commercial tension associated with them."
"We like most companies are going to pass it through because it's really cost based, and see it in their own costs as well," Kurzius said, adding that he was "confident" that McCormick would ultimately win approval on the increases. McCormick is revamping its packaging to help its signature spices stay fresher longer, an upgrade that can make the hikes more palatable, he added.
Kurzius said that retailers are looking for promotions from consumer products makers, but the discounts companies like McCormick can offer are not making up for price increases.Consumer products companies had slashed promotions and discounts during and immediately after the pandemic because they did not have enough supply, but McCormick reactivated them last year, Kurzius said.
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