Industry News | March 31, 2009

Sysco Buys Out Irish Food Distributor

Sysco Corporation (NYSE:SYY - News) today announced that it has acquired Pallas Foods Limited, a leading foodservice distributor based in Newcastle West, Ireland. The acquisition has closed effective today.

Pallas Foods commenced operations in the early 1980's as a family business and has grown into a diversified foodservice distribution company with an emphasis on quality and service. The company, with annual revenues of approximately $200 million, employs about 500 associates, many of whom are original employees. Pallas operates its broadline distribution business from its Newcastle West facility supplemented by eight operating depots throughout Ireland.

"The acquisition of Pallas Foods represents a partnership with a quality management team," says Ken Spitler, Sysco's vice chairman, president, and chief operating officer. "This opportunity allows Sysco to further explore international growth with a well-regarded team that provides the high-quality service that Sysco customers are accustomed to." In connection with the acquisition, the most senior executives of Pallas have signed long-term employment contracts with Sysco.

"By joining Sysco, we have opened up access to a large number of quality-assured products for our customers," says Tim Geary, Pallas Foods' founder. "This alignment positions our company for long-term growth. We look forward to strengthening our position as the industry leader in Ireland."

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