Matt Miller

So I want to focus on the flavor too.

I have a million questions about your products, but I want to ask first about the deal because the structure is interesting.

It's a reverse Morris trust.

I don't know what that means, but tell us about the mechanics of that and why you decided to do it this way.

Well, and Unilever is a monster business, but they must have a lot of faith in you and your management team, because otherwise...

they would obviously replace you.

I wonder about a couple of trends in the food business that everyone has seen, right?

The private label business, the white label business has gotten big.

So how do you differentiate McCormick from, I don't know, Bowl and Basket or whatever private label brand is sitting right next to it in the spice aisle?

I want to get into mayonnaise a little bit because I grew up in Bexley, Ohio.

My grandmother would make us peanut butter and mayonnaise sandwiches.

It's delicious.

It's delicious, but she wouldn't have used anything other than Hellman's.

And as a result, I never will try Mike's Amazing Lemonade or Duke's Mayonnaise or whatever QP is, this Japanese mayonnaise.

But other people are increasingly starting to branch out.

And there's also like a hyper local foods trend that's picking up.

How do you look at this category, this all important category of mayonnaise?

What's next?

I mean, would you, you want scale, you know, you want more skews.

Do you go after a jam smucker?