Sysco Announces Agreement to Acquire European Imports, Ltd.
Posted on February 22, 2012 at 11:00 AM EST
HOUSTON, Feb. 22, 2012 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced that it has reached an agreement to purchase Chicago-based European Imports, Ltd. The acquisition 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. Today, 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 company, resulting in no changes in how customers, suppliers and vendors are served by European Imports.
"We are excited to be joining the Sysco family of companies," said Jeff Binstein, vice president-European Imports. "Our customers and partners can expect to receive the same great service that we have always offered."
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
CONTACT: Charley Wilson Vice President, Corporate Communications T 281-584-2423
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