Performance Food Group Co.
Performance Food Group Company Announces Acquisition of Cheney Bros., Inc. for $2.1 Billion and Reports Fiscal 2024 Results
Summary
Performance Food Group Company (NYSE: PFGC) announced the acquisition of Cheney Bros., Inc. for approximately $2.1 billion in cash, which is expected to close in calendar 2025 and add geographical reach and resources to its Foodservice operations. The company also reported strong financial results for the fiscal quarter and year ended June 29, 2024, with increases in net sales, gross profit, and earnings per share. Additionally, PFGC disclosed the results of its operations for the fiscal quarter and year in a press release and held a conference call to discuss the acquisition. The company expects to accelerate share repurchases in fiscal 2025.
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About Performance Food Group Co.
Performance Food Group Co. is a leading foodservice distribution company that supplies a vast array of food products, beverages, and related goods to a diverse array of customers across the United States. Its primary function is to deliver high-quality food supplies and logistics solutions to restaurants, healthcare facilities, cafeterias, and hospitality venues. With an extensive portfolio of top-tier brands and private label offerings, Performance Food Group Co. plays a crucial role in the supply chain of the foodservice industry. Key features of the company include its expansive distribution network, innovative technology to enhance supply chain efficiencies, and a strong focus on customer service. The company impacts sectors such as dining, catering, and institutional meal services, ensuring that clients receive timely and reliable product deliveries. Performance Food Group Co.'s market significance is underscored by its ability to adapt to consumer preferences and industry demands, making it a vital component of the food distribution landscape. The company's operations promote seamless transitions of food products from manufacturers to end-users, thus supporting the sustainability and growth of the foodservice market.
Official SEC Documents
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