HOUSTON, June 23, 2015 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) issued the following statement today from President and Chief Executive Officer Bill DeLaney after the U.S. District Court in the District of Columbia granted the Federal Trade Commission's (FTC) request for a preliminary injunction to block Sysco's proposed merger with US Foods. DeLaney said:
"While we respect the Court's decision, we are profoundly disappointed with this outcome. We diligently pursued this transaction for nearly two years because we strongly believed the merger of Sysco and US Foods would be procompetitive and good for customers, associates and shareholders. Nevertheless, we certainly understood this outcome to be possible and have been developing plans for the business moving forward. We will take a few days to closely review the Court's ruling and assess our legal and contractual obligations, including the merits of terminating the merger agreement. This work will be conducted in close collaboration with Sysco's Board of Directors and the primary owners of US Foods. We will provide additional clarity in the coming days."
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 194 distribution facilities serving approximately 425,000 customers. For Fiscal Year 2014 that ended June 28, 2014, the company generated sales of more than $46 billion. For more information, visit www.sysco.com or connect with Sysco on Facebook at www.facebook.com/SyscoCorporation or Twitter at https://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 new Sysco IR App, available on the iTunes App Store and the Google Play Market. In addition, investors should also continue to review our news 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.
CONTACT: For more information: Charley Wilson Vice President, Corporate Communications T: 281-584-2423 Shannon Mutschler Vice President, Investor Relations T: 281-584-1308