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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 [email protected]

Stock News for Sysco (SYY)
DateTimeHeadline
02/17/201717:02:29Statement of Changes in Beneficial Ownership (4)
02/10/201717:00:00Sysco to Webcast Presentation From the 2017 CAGNY Conference
02/10/201706:05:38Amended Statement of Ownership (sc 13g/a)
02/08/201717:08:08Current Report Filing (8-k)
02/07/201706:05:29Current Report Filing (8-k)
02/07/201706:02:55Quarterly Report (10-q)
02/06/201714:05:00Sysco Earnings Beat Expectations
02/06/201711:15:41Sysco Second Quarter Fiscal 2017 Earnings Call to Reconvene at...
02/06/201709:42:00Sysco Earnings Beat Expectations
02/06/201708:09:58Current Report Filing (8-k)
02/06/201708:00:00Sysco Reports Second Quarter Earnings
02/01/201717:03:02Statement of Changes in Beneficial Ownership (4)
01/27/201706:05:40Amended Statement of Ownership (sc 13g/a)
01/23/201717:00:00Sysco to Release Second Quarter Fiscal 2017 Financial Results...
01/19/201717:02:25Statement of Changes in Beneficial Ownership (4)
01/19/201717:01:33Statement of Changes in Beneficial Ownership (4)
01/10/201717:07:06Statement of Changes in Beneficial Ownership (4)
01/06/201710:29:00Phyllis Sewell Proved an Accidental Role Model for Female Executives
01/03/201718:36:08Statement of Changes in Beneficial Ownership (4)
01/03/201718:35:41Statement of Changes in Beneficial Ownership (4)

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