HOUSTON, Dec. 22, 2005 (PRIMEZONE) -- SYSCO Corporation (NYSE:SYY) today announced that its FreshPoint produce subsidiary has acquired A-One-A Produce & Dairy, Inc., the largest fresh produce distributor in South Florida. The company also announced that its FreshPoint subsidiary has entered into a definitive agreement to acquire Incredible Fresh Produce, a distributor of fresh produce servicing southwest Florida. Terms of the transactions, which are the fourth and fifth acquisitions announced by FreshPoint in 2005, were not disclosed.
Founded in 1987 and headquartered in Pompano Beach, Florida, A-One-A Produce & Dairy is led by president and chief executive officer Jonathan Lasko, who will continue to serve in that capacity. The company provides a full-line of fresh fruit, vegetable and dairy products to customers throughout South Florida including multi-unit and independent restaurants, cruise lines, export accounts, airline caterers, hotels, retail outlets and business and industry locations. A-One-A Produce & Dairy employs 265 associates and operates from a 70,000 square-foot warehouse. For the calendar year ended December 31, 2004, the company generated sales of $90.8 million.
Incredible Fresh Produce, located in Fort Myers, Florida, was founded in 1989 and services foodservice operations throughout the southwestern Florida market, a region that FreshPoint currently services from its Miami and Tampa companies. Upon completion of the acquisition, that company will lease and operate from a new 27,000 square foot facility in Ft. Myers to better serve existing and potential customers.
Richard J. Schnieders, SYSCO's chairman, chief executive officer and president, said, "The addition of these two companies will advance our strategic objective of broadening the reach of our FreshPoint subsidiary and securing its place as Florida's leading produce supplier to foodservice operations."
Brian M. Sturgeon, vice president of SYSCO and president of FreshPoint, added "These customer service-oriented operations will further benefit FreshPoint's customers, the SYSCO broadline companies and our four existing FreshPoint operations in Florida through more localized distribution capabilities and enhanced product offerings. Both operations are very strategic fits, with A-One-A enhancing our presence in the South Florida market and Incredible Fresh Produce expanding our reach in southwestern Florida."
The addition of A-One-A and Incredible Fresh Produce will increase FreshPoint's distribution network in North America to 25 locations. Mr. Sturgeon also noted that FreshPoint will continue to seek strategic acquisitions to enhance its market presence and remain the preferred produce supplier for foodservice operators across North America.
SYSCO is the largest foodservice marketing and distribution organization in North America, providing food and related products and services to approximately 390,000 restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers. The company generated sales of $30.3 billion for the fiscal year 2005 that ended July 2, 2005. SYSCO's operations are located throughout the United States and Canada and include broadline companies, specialty produce and custom-cut meat operations, Asian foodservice, hotel supply operations and chain restaurant distribution subsidiaries. For more information about SYSCO visit the company's Internet home page at www.sysco.com.
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Certain statements made herein are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They include statements regarding the expected benefits of the acquisition of A-One-A Produce & Dairy, Inc. and Incredible Fresh Produce. 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 ability of the acquired business and SYSCO to achieve expected results may be affected by 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 2, 2005 as filed with the Securities and Exchange Commission.