HOUSTON, July 8, 2005 (PRIMEZONE) -- SYSCO Corporation (NYSE:SYY), North America's largest foodservice marketer and distributor, today announced that its FreshPoint produce subsidiary has signed a purchase agreement to acquire The Fowler & Huntting Company, Inc. The company is a full-line fresh fruit and vegetable distributor headquartered in Hartford, Connecticut. Terms of the agreement were not disclosed. The transaction is expected to close by July 30, 2005.
Fowler & Huntting was founded in 1865 and supplies foodservice operations and retail customers throughout Connecticut, Rhode Island, western Massachusetts, southern Vermont and eastern New York. The company has been owned by the Yandow family since 1943 and Kenneth, William, David and Thomas Yandow will continue to manage the company.
Richard J. Schnieders, SYSCO's chairman, chief executive officer and president said, "This announcement further solidifies the commitment SYSCO has made to extend our specialty produce offerings and our distribution reach since the acquisition of FreshPoint in 2000. The growth opportunities for the specialty produce market, as well as the synergies that our produce operations provide to SYSCO's traditional broadline operations, make this strategic expansion beneficial and value-adding to both SYSCO and our customers."
"We are excited to be part of the FreshPoint family of companies," said Kenneth Yandow, president of Fowler & Huntting. "This acquisition offers us additional growth opportunities and resources to help our customers succeed as well as possible career advancement for our employees."
Brian M. Sturgeon, president of FreshPoint, added, "Fowler & Huntting has an excellent reputation for customer service and product offerings, as well as an exceptional management team and employee base. Fowler expands FreshPoint's distribution coverage into the Northeast as the preferred produce supplier for foodservice operators across North America."
FreshPoint, Inc., headquartered in Houston, Texas, is the largest specialty produce distributor in North America and a wholly owned subsidiary of SYSCO Corporation.
SYSCO is the largest foodservice marketing and distribution organization in North America, providing food and related products and services to approximately 400,000 restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers. The company generated sales of $30.0 billion for calendar year 2004. SYSCO's operations are located throughout North America and include broadline companies, specialty produce facilities, custom-cut meat operations, Asian foodservice distribution, hotel supply operations and chain restaurant distribution. For more information visit the company's home page at www.sysco.com.
Certain statements made herein are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They include statements regarding the timing and expected benefits of the acquisition of The Fowler & Huntting Company, Inc. These statements are based on management's current expectations and estimates; actual results may differ materially due to certain risks and uncertainties. For example, the timing of the acquisition and the ability of the acquired business and SYSCO to achieve expected results may be affected by successful completion of the acquisition, competitive price pressures, availability of supplies, work stoppages, severe weather, successful integration of the acquired operations by the Company, conditions in the economy, industry growth and internal factors, such as the ability to control expenses. For a discussion of additional factors affecting the Company, see the Company's Annual Report on Form 10-K for the fiscal year ended July 3, 2004 as filed with the Securities and Exchange Commission.