Sysco To Acquire Fresh Produce Distributor Coastal Companies For Undisclosed Sum

Sysco Corp SYY has agreed to acquire The Coastal Companies, a fresh produce distributor and value-added processer, from Continental Grain Company for an undisclosed sum.
Upon completing the transaction, Coastal Companies will operate as part of FreshPoint, Sysco's specialty produces business.
Sysco expects the deal to create a strong FreshPoint presence in the Mid-Atlantic region, provide significant value-added manufacturing capabilities, and further diversify its produce specialty business.
Coastal Companies generates annual revenue of $600 million and comprises three integrated businesses.
Sysco held $2.1 billion in cash and equivalents as of October 2, 2021.
Price Action: SYY shares traded lower by 0.49% at $69.64 in premarket on the last check Monday.