The 2020 Mid-Year Economic Update_long

Sysco to Sell 11 U.S. Foods Distribution Centers

Spinoff the result of FTC's concerns over Sysco-U.S. Foods pending merger.

Foodservice distributor Sysco Corp. (NYSE: SYY), Houston, TX, has reached a definitive agreement to sell 11 U.S. Foods facilities to Performance Food Group as a result of Sysco's pending merger with U.S. Foods announced in December 2013.

Sysco hopes the sale of the facilities, whose combined annual revenue is $4.6 billion, will appease the Federal Trade Commission and garner its approval for the merger. The facilities are in Corona, CA; Denver, CO; Kansas City, KS; Phoenix, AZ; Salt Lake City, UT; San Diego, CA; San Francisco, CA.; Seattle, WA; Cleveland, OH; Las Vegas, NV.; and Minneapolis, MN.

In other Sysco news, the company reported second-quarter sales of $12.1 billion, a 7.6 percent increase from $11.2 billion the same quarter a year ago. Profit decreased 25.1 percent to $158 million.

For the first six months, Sysco reported sales of $24.5 billion, a 6.9 percent increase from $23 billion the same period a year ago. Profit decreased 12 percent to $436.8 million.

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