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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
09/02/201509:28:36Amended Statement of Beneficial Ownership (sc 13d/a)
08/31/201516:17:53Initial Statement of Beneficial Ownership (3)
08/31/201516:15:18Initial Statement of Beneficial Ownership (3)
08/31/201516:13:34Initial Statement of Beneficial Ownership (3)
08/31/201516:10:00Initial Statement of Beneficial Ownership (3)
08/26/201506:03:27Current Report Filing (8-k)
08/25/201517:02:24Automatic Shelf Registration Statement of Securities of Well-known...
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08/20/201519:17:00Sysco Names Nelson Peltz, Josh Frank of Trian to Board -- Update
08/20/201518:00:00Sysco Names Nelson Peltz, Josh Frank of Trian to Board
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08/20/201517:05:17Amended Statement of Beneficial Ownership (sc 13d/a)
08/17/201513:50:00Republican Commissioner Joshua Wright to Leave FTC
08/14/201515:27:11Trian Takes Stake in Sysco -- 2nd Update
08/14/201513:50:22Peltz's Trian Takes Stake in Sysco
08/14/201513:41:23Peltz's Trian Takes Stake in Sysco -- Update
08/14/201513:32:25Peltz's Trian Takes Stake in Sysco
08/14/201512:40:19Statement of Beneficial Ownership (sc 13d)
08/11/201509:05:00Stocks Coverage on the Services Sector - Sysco, Sprouts Farmers...
08/10/201516:59:22Sysco Profit Drops, Hurt by US Foods-Related Costs

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