DGAP-News: Sysco Corporation Expands Footprint in Ireland Through Acquisition of Crossgar Foodservice
(firmenpresse) - Sysco Corporation
12.06.2012 17:45
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HOUSTON, 2012-06-12 17:45 CEST (GLOBE NEWSWIRE) --
Sysco Corporation (NYSE:SYY) today announced that it has signed an agreement to
acquire Crossgar Foodservice, a leading privately owned foodservice supplier
headquartered in Co Down, Northern Ireland, through its subsidiary, Pallas
Foods based in Newcastle West, Co Limerick. Financial details of the
transaction, which is subject to Competition Authority approval in the Republic
of Ireland, were not disclosed.
The acquisition will expand Sysco's presence on the island of Ireland. Sysco
acquired Pallas Foods in 2009. Both Crossgar Foodservice and Pallas Foods will
retain their existing brand identities, and management teams at the two
companies will remain in place.
Crossgar Foodservice has four facilities in Northern Ireland. The company's
product range includes poultry, meat, chilled, frozen, grocery and non-food
items, which is sold throughout the island of Ireland and Great Britain.
Mike Green, Executive Vice President and Group President for Sysco, said:
'Crossgar Foodservice is a strong company with excellent customer
relationships. This investment, along with the acquisition of Pallas Foods in
2009 represents our commitment to the Ireland market and provides us additional
strategic opportunities. We look forward to welcoming Crossgar Foodservice to
Sysco.'
Gerald Bell, Chairman of Crossgar Foodservice, said: 'We are very pleased to
join the Sysco family and to work with Pallas Foods to strengthen Sysco's
operations across Ireland. The transaction provides the business with a number
of benefits, namely enhanced distribution and wider product choice for our
customers. We look forward to providing the same great service to our customers
and showing them an even broader line of quality-assured foodservice products.'
Tim Geary, Chairman of Pallas Foods, said: 'We have had a great experience with
Sysco, and we look forward to working with Crossgar and positioning this
investment for further growth in the years ahead.'
About Sysco
Sysco is the global leader in selling, marketing and distributing food products
to restaurants, healthcare and educational facilities, lodging establishments
and other customers who prepare meals away from home. Its family of products
also includes equipment and supplies for the foodservice and hospitality
industries. The company operates 177 distribution facilities serving
approximately 400,000 customers. For the fiscal year 2011 that ended July 2,
2011, the company generated record sales of more than $39 billion. For more
information about Sysco, visit the company's Internet home page at
www.sysco.com and for investor relations news follow us at
www.twitter.com/SyscoStock.
The Sysco Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=747
About Pallas Foods
Since the early 1980s Pallas Foods has evolved into one of the leading food
service distributors on the island of Ireland under the leadership of the Geary
Family. Pallas Foods now part of Sysco since March 2009 has a team of 550
people dedicated to provide excellent quality product and services to its
customers. The company offers fresh, frozen, ambient and non-food products,
across the island of Ireland through its own delivery fleet. The company
operates from a central warehouse in Newcastle West through eight
distribution/delivery centres across the island.
About Crossgar Foodservice
Headquartered in Co Down, Crossgar Foodservice is a leading foodservice
supplier on the island of Ireland. Employing 238 people, Crossgar Foodservice
has four facilities in Northern Ireland. The company's product range includes
poultry, meat, chilled, frozen, grocery and non-food items, which is sold
throughout the island of Ireland and Great Britain.
U.S. Contact:
Charley Wilson
Vice President, Corporate Communications
T 281-584-2423
Ireland Contact:
Paddy Hughes
T 00 353 1 260 5000
00 353 87 616 7811
News Source: NASDAQ OMX
12.06.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Sysco Corporation
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US8718291078
WKN:
End of Announcement DGAP News-Service
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