HOUSTON — Sysco Corporation today announced that it has acquired Goldberg & Solovy Foods, Inc. (G&S), a leading Broadline foodservice distributor based in Southern California. The acquisition was effective as of May 24, 2011. The management team and employees of G&S will remain with the company.
"G&S' protein specialty and high-quality customer service are an ideal fit with Sysco's culture and operations," said Scott Sonnemaker, Sysco's senior vice president, western region. "We welcome the G&S team to Sysco and look forward to working together to continue to grow the business."
Established in 1974 by Earl Goldberg and partners, Goldberg & Solovy Foods, Inc., is a Broadline institutional food service distributor – one of the largest food distribution companies in Southern California. The company provides the Southland's food service industry with a full line of products, including fresh meat, pork, seafood, poultry, canned foods, frozen foods, paper goods, imported cheese, disposables, small wares, and equipment.
"We look forward to partnering with Sysco," said Earl Goldberg, G&S president. "Our customers can expect the same great service and an even broader line of quality-assured foodservice products."
About Sysco Corporation (NYSE:SYY) today announced that it has acquired Goldberg & Solovy Foods, Inc. (G&S), a leading Broadline foodservice distributor based in Southern California. The acquisition was effective as of May 24, 2011. The management team and employees of G&S will remain with the company.
Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. The company operates 180 distribution facilities serving approximately 400,000 customers. For the fiscal year 2010 that ended July 3, 2010 the company generated more than $37 billion in sales. For more information about Sysco, visit the company's Internet home page at www.sysco.com and for investor relations news follow us at www.twitter.com/SyscoStock.
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Forward-Looking Statements
Certain statements made herein are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They include statements regarding the Company's ability to leverage the investment in G&S with respect to growth in California and throughout the southwest region of the United States. These statements involve risks and uncertainties and are based on management's current expectations and estimates; actual results may differ materially. Those risks and uncertainties include factors that are outside the direct control of Sysco, including current economic conditions, which can negatively impacted Sysco's business, the foodservice distribution industry and consumer spending, competitive conditions in the region, and the ability to effectively integrate the management team, employees and processes of G&S into Sysco's overall business operations. Sysco's business is also subject to a number of risks and uncertainties, including those risk factors detailed in the Company's Annual Report on Form 10-K for the year ended July 3, 2010, as filed with the Securities and Exchange Commission. The Company does not undertake to update its forward-looking statements.
Source: Sysco Corporation
