SPARKS, MD – McCormick & Co. announced Tuesday that it plans to cut $400 million in costs and reach $5 billion in sales within the next three years.img-logo-mccormick_200x200

The company’s objectives include an increase in annual sales growth of 4 percent to 6 percent, as well as an increase in earnings per share of 9 percent to 11 percent.

Analysts currently project that the spice manufacturer will report revenue of $4.56 billion in 2017 and revenue of $4.72 billion in 2018.

McCormick said during its investor day that plans to continue innovation through new product platforms, greater use of technology in product development, increased digital marketing and greater accountability across all operations and functions.

“Across both our consumer and industrial segments, we are executing on strategies to drive exceptional growth, and to convert that growth to higher profit and strong cash flow,” said President and CEO Lawrence Kurzius.

McCormick & Co.’s shares opened on Tuesday at $98.01.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism