SYSCO Corporation (NYSE: SYY – news), the largest foodservice marketer and distributor in North America, announced today that I&S Foodservices Inc., the company’s specialty produce operation located in Edmonton, Alberta, Canada, began operating as a broadline foodservice company July 2, 2000 under the name of Sysco/I&S Foodservices, Inc. Richard D. Pidwerbeski will continue as president and chief executive officer of the company.
Commenting on the announcement, Richard J. Schnieders, president and chief operating officer of SYSCO, said, “This move is an important step in expanding SYSCO’s coverage in the Canadian foodservice markets. Sysco/I&S Foodservices joins our two existing Canadian broadline operations located in Vancouver and Toronto. For the past five years I&S Foodservices has generated about 68% of its sales from broadline operations, with the remaining 32% attributable to its fresh produce operations. Its strategic location will allow SYSCO to more efficiently service foodservice operators within its Canadian market area.”
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In 1996 FreshPoint Holdings, Inc. purchased I&S Foodservices from Albert Fisher, a conglomerate of food distribution companies based in England. In March of 2000 I&S Foodservices became a SYSCO operation following the company’s purchase of FreshPoint Holdings, Inc. which, at the time of purchase, was one of the largest foodservice and wholesale produce distribution companies in North America.
Mr. Pidwerbeski, 56, began his career at the family-owned Iwabuchi & Sons (I&S) in 1963 as a warehouseman. In 1967 he was promoted to night shift supervisor, and in 1973 advanced to day shift foreman. Mr. Pidwerbeski was named general manager of the operation in 1979 and, following the purchase of I&S Foodservices by Albert Fisher, was named president and chief executive officer in 1988. Mr. Pidwerbeski and his wife, Cassie, have two grown children and reside in Edmonton.
Sysco/I&S Foodservices, celebrating its 40th anniversary in 2000, supplies fresh produce, meats, seafood, beverages, grocery and frozen foods to approximately 1200 customers including hotels and resorts, restaurants, schools and universities, government facilities, caterers, and hospitals in Edmonton and other areas of Alberta, Canada. The company’s fresh-cut produce operation specializes in processing premium fresh vegetables including salad mixes and custom-cut vegetables sold under the Shur-Fresh® brand.
SYSCO is the largest foodservice marketing and distribution organization in North America. Generating projected sales in excess of $19 billion for fiscal 2000, the company provides food and related products and services to about 325,000 to 350,000 customers. The SYSCO distribution network, supported by over 39,000 employees, currently extends throughout the entire contiguous United States and Alaska, as well as portions of Canada.
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By GlobalDataForward-Looking Statements
Certain statements made herein are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They include statements regarding expansion in Canadian markets and fiscal 2000 annualized sales projections. These statements involve risks and uncertainties and are based on current expectations and management’s estimates; actual results may differ materially. Those risks and uncertainties that could impact these statements include the risks relating to the foodservice distribution industry’s sensitivity to economic conditions in the United States and Canada; the successful integration of acquisitions; the risk of interruption of supplies due to lack of long-term contracts, severe weather, work stoppages or otherwise; competition; and other risk factors detailed in SYSCO’s Form S-3 (File No. 333-34036) filed with the Securities and Exchange Commission on April 5, 2000.
