Regulatory review for Sysco-US Foods merger remains on track, Sysco CEO says in response to 'inaccurate' report about review
June 16, 2014
– Sysco Corporation (NYSE:SYY) issued the following statement in response to a recent report containing unfounded, inaccurate and irresponsible rumors regarding the status of the Federal Trade Commission's review of the proposed Sysco-US Foods merger.
Bill DeLaney, Sysco president and chief executive officer, said: "In light of this recent misleading report, it's important to convey that Sysco continues to cooperate closely with the Federal Trade Commission in its review of the proposed merger of Sysco and US Foods. We are engaged in a productive dialogue with the FTC, and the review is proceeding as expected. We continue to believe that the Commission, once it finishes its investigation, will conclude that our industry is -- and will continue to be -- fiercely competitive. Our proposed merger will benefit customers and help us become more efficient in this rapidly evolving marketplace."
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 193 distribution facilities serving approximately 425,000 customers. For Fiscal Year 2013 that ended June 29, 2013, the company generated sales of more than $44 billion. For more information, visit www.sysco.com or connect with Sysco on Facebook at www.facebook.com/SyscoCorporation or Twitter at www.twitter.com/Sysco. For important news regarding Sysco, visit the Investor Relations portion of the company's Internet home page at www.sysco.com/investors, follow us at www.twitter.com/SyscoStock and download the Sysco IR App, available on the iTunes App Store and the Google Play Market. In addition, investors should also continue to review our press releases and filings with the Securities and Exchange Commission. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information.