Global flavor leader McCormick & Co. announced a goal of $75 million in cost savings for 2023 that will include both a voluntary retirement program, as well as involuntary layoffs.

The announcement follows a decline in both sales and profit to end 2022.

"A large component of our streamlining actions is a US voluntary retirement program, which is very far along with a targeted separation date of February 1,” said Lawrence E. Kurzius, McCormick & Co. chairman and CEO. “This will be followed by other actions, some of which will be involuntary.”

Kurzius also said that half of the planned workforce reduction had already taken place over the previous few months.

The company's net income dropped about 10% from 2021 to 2022. Some of the issues that negatively affected performance include rising costs of goods sold, supply chain challenges, and COVID-related disruptions in China.