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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
08/19/201617:00:09Statement of Changes in Beneficial Ownership (4)
08/15/201616:51:31Statement of Changes in Beneficial Ownership (4)
08/15/201609:30:00Sysco Posts Increased Volume, Revenue and Profit
08/15/201609:17:00Sysco Posts Increased Volume, Revenue and Profit
08/15/201608:09:50Current Report Filing (8-k)
08/15/201608:00:00Sysco Reports Strong Fourth Quarter and Fiscal Year 2016 Results
08/05/201618:03:18Statement of Changes in Beneficial Ownership (4)
08/01/201617:00:00Sysco to Release Fourth Quarter Fiscal 2016 Financial Results...
07/19/201617:02:20Statement of Changes in Beneficial Ownership (4)
07/19/201617:01:53Statement of Changes in Beneficial Ownership (4)
07/18/201617:01:19Current Report Filing (8-k)
07/15/201616:47:31Statement of Changes in Beneficial Ownership (4)
07/13/201617:08:07Initial Statement of Beneficial Ownership (3)
07/13/201609:12:00Technical Updates on Services Sector Stocks -- Sysco, The Hain...
07/07/201616:04:14Statement of Changes in Beneficial Ownership (4)
07/05/201617:02:27Current Report Filing (8-k)
07/05/201612:14:21Sysco Completes Brakes Group Acquisition
07/01/201618:21:00Sysco Buys E-Commerce Platform Supplies on the Fly
07/01/201617:56:18Statement of Changes in Beneficial Ownership (4)
07/01/201617:52:47Statement of Changes in Beneficial Ownership (4)

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