agrees to acquire
Feb 28, 2012 10:19 AM
Sysco Corporation (NYSE:SYY) has reached an agreement to purchase European Imports Ltd, which is headquartered in Chicago IL. The acquisition by the Houston TX-based foodservice provider is expected to be completed in the coming weeks.
“European Imports has a well-earned reputation and impressive track record in the high-end, specialty import products segment, and we are thrilled that they will be joining Sysco,” said Chuck Staes, Sysco’s senior vice-president–Northern Region. “This is an excellent strategic fit, which will help Sysco be a better competitor in this segment. European Imports will be a stand-alone business that will complement our Sysco broadline and specialty operations.”
European Imports, which in its most recent fiscal year had annualized sales of $124 million, was founded in 1978 by Seymour Binstein. Beginning as a cheese importer supplying primarily the Chicago market, it has emerged as a full-line specialty food distributor to the central United States with concentration in the Midwest, Texas, Arizona, Colorado, and Atlanta.
The management team and employees of European Imports will remain with the firm, resulting in no changes in how customers, suppliers, and vendors are served by the company.
Sysco operates 177 distribution facilities serving about 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, visit www.sysco.com.
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