HOUSTON, June 12, 2012 (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."
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.
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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.
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