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Sysco Buys Crossgar Foodservice, Pushing Irish Expansion

By Kristin Jones Sysco Corp. (SYY) has agreed to acquire Crossgar Foodservice as the food supplier seeks to expand its footprint on the Emerald Isle. The terms of the deal, which is subject to Irish regulatory approval, weren't disclosed. Privately-held Crossgar Foodservice supplies poultry, meat and other products throughout Ireland and the U.K. It operates four facilities in Northern Ireland, where it is based, and employs around 238 people. Sysco supplies food to restaurants and other institutions. The acquisition marks the company's second foray onto the island. Sysco acquired Irish company Pallas Foods, based in County Limerick, in 2009. Crossgar, like Pallas, will continue to retain its existing brand identity and management team. "Crossgar Foodservice is a strong company with excellent customer relationships," said Sysco's group president Mike Green. "This investment, along with the acquisition of Pallas Foods in 2009, represents our commitment to the Ireland market and provides us additional strategic opportunities." Sysco reported last month that its first-quarter earnings were roughly flat, as higher food costs ate up profits even as sales grew. Shares were up 5 cents to $28.69 in recent trading. The stock is down 2.2% so far this year. Write to Kristin Jones at kristin.jones@dowjones.com

Stock News for Sysco (SYY)
DateTimeHeadline
07/31/201517:03:15Amended Current Report Filing (8-k/a)
07/31/201516:31:56Withdrawal of Registration Statement (rw)
07/21/201516:17:18Statement of Changes in Beneficial Ownership (4)
07/16/201517:05:11Current Report Filing (8-k)
07/07/201514:11:02Sysco Gets Dealt a Major Blow: What It Means for Investors
07/02/201519:42:36Antitrust Cops Swing A Big Stick
07/01/201517:31:22Statement of Changes in Beneficial Ownership (4)
07/01/201517:28:21Statement of Changes in Beneficial Ownership (4)
07/01/201517:25:18Statement of Changes in Beneficial Ownership (4)
07/01/201517:20:06Statement of Changes in Beneficial Ownership (4)
07/01/201517:17:29Statement of Changes in Beneficial Ownership (4)
07/01/201517:14:53Statement of Changes in Beneficial Ownership (4)
07/01/201517:10:59Statement of Changes in Beneficial Ownership (4)
07/01/201517:08:24Statement of Changes in Beneficial Ownership (4)
07/01/201517:06:39Statement of Changes in Beneficial Ownership (4)
06/30/201521:24:05Sysco Ends Plans to Merge With US Foods -- 2nd Update
06/29/201520:18:35Sysco Ends Plans to Merge With US Foods -- 2nd Update
06/29/201517:12:51Current Report Filing (8-k)
06/29/201510:01:10Sysco Walks Away From US Foods Merger -- Update
06/29/201508:57:53Sysco Walks Away From US Foods Merger

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