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Ruling keeps litigation funder Burford in control of turkey price-fixing case
Ruling keeps litigation funder Burford in control of turkey price-fixing case

Reuters

time01-07-2025

  • Business
  • Reuters

Ruling keeps litigation funder Burford in control of turkey price-fixing case

June 30 (Reuters) - Litigation financier Burford Capital (BURF.L), opens new tab on Monday persuaded a U.S. judge to allow one of its subsidiaries to press a price-fixing lawsuit accusing leading turkey producers of overcharging prices, even though the company has not purchased any food from them. Chicago-based U.S. District Judge Sunil Harjani rejected, opens new tab arguments from Tyson Foods, Perdue Farms, Hormel Foods, Butterball and other producers that allowing Burford subsidiary Carina Ventures to pursue the antitrust claims ran afoul of public policy. Litigation funders provide financial support to clients in exchange for a part of any settlement or judgment. Burford is the world's largest litigation finance provider. In his ruling, Harjani said that 'as litigation funders continue to be involved in the legal system, the bounds of their viability will be tested.' But he said it was up to lawmakers to craft policies restricting the extent of litigation funders' participation in lawsuits. Tyson, Perdue, Hormel and Butterball did not immediately respond to requests for comment. Burford declined to comment. Burford's Carina sued the turkey producers in 2023, after the funder acquired security rights to claims that were once held by Burford client Sysco Foods. Sysco was never a plaintiff in the turkey litigation, but Burford has spent $140 million since 2019 backing antitrust claims by food distributor Sysco against Tyson and other meat processors in other cases. Harjani said the turkey defendants have not provided any evidence that Burford and Carina engaged in any misconduct. The judge called Sysco a 'large and sophisticated corporation' that does not need the defendants or the court second-guessing its business or litigation decisions. Harjani said it was the job of Congress to write statutes and rules governing federal litigation. The case is In re: Turkey Antitrust Litigation, U.S. District Court for the Northern District of Illinois, No. 1:19-cv-08318. Read more: Litigation funder fires back at Tyson Foods over settlement interference claims Sysco can't scrap its Pilgrim's Pride price-fixing settlements, US judge rules Burford litigation funder's Carina Ventures sues US turkey suppliers in antitrust case

Admin expenses see profits at distributor Sysco Foods Ireland dip more than 23%
Admin expenses see profits at distributor Sysco Foods Ireland dip more than 23%

Irish Times

time27-05-2025

  • Business
  • Irish Times

Admin expenses see profits at distributor Sysco Foods Ireland dip more than 23%

Irish food service distributor Sysco Foods Ireland saw its profits dip by more than 23 per cent last year as administrative expenses increased. Sysco sells, markets and distributes food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its products in Ireland also include equipment and supplies for the food service and hospitality industries. The company's latest set of accounts filed with the Companies Registration Office, which cover the financial period from July 2nd, 2023, to June 29th, 2024, show it made a profit before tax of €23.8 million, which was down from just over €29 million the year before. READ MORE The company's profit after tax was just under €19 million, which was down 23 per cent from €24.7 million the year before. The directors did not recommend the payment of a dividend. The company's turnover increased from €574.8 million to €603.2 million. Cost of sales also increased from €436.1 million to €459.7 million, while administrative expenses rose 44 per cent from €22.6 million to €32.7 million. The company's gross margin was 24 per cent, which it said was 'a critical factor' in the company's performance. It was achieved through a 'rigid cost management process, strong relationships with company suppliers and changes in product mix'. The company, which is based in Co Limerick, employed 1,532 people in the year, which was up from 1,497. It spent €63.5 million on staff, which was up from €59.7 million. The company acquired fruit and vegetable supplier Ready Chef for €7.6 million on February 1st, which it said would broaden its offering of fresh and prepared food. Founded in the 1960s, Ready Chef specialises in supplying fresh and prepared fruit and vegetables to the Irish food sector. The business has more than 100 staff at its refrigerated warehousing and product preparation plant in Glasnevin, Dublin. The family business was founded by William Tallon snrand the company has been run by his sons David and William since 1990. Also evolved from a family-owned business started by the Geary family, Sysco Ireland sources more than 15,000 food products, of which 70 per cent is local Irish produce. Sysco Foods Ireland forms part of the global corporation, which operates 334 distribution facilities worldwide.

Pre-tax profits fall 18% at Irish arm of Sysco Foods
Pre-tax profits fall 18% at Irish arm of Sysco Foods

RTÉ News​

time26-05-2025

  • Business
  • RTÉ News​

Pre-tax profits fall 18% at Irish arm of Sysco Foods

The Irish arm of US food giant, Sysco Foods last year paid out €7.59m to acquire Dublin based food business, Ready Chef Ltd. That is according to new accounts for the Co Limerick based business - formerly Pallas Foods – which show that Sysco Foods Ireland UC's pre-tax profits declined by 18% from €29.04m to €23.76m in the 12 months to the end of June 2024. Profits declined as revenues increased by 5% from €574.8m to €603.2m. The business - which has its head office here at Newcastle West in Co Limerick - supplies food to thousands of hotels, shops, restaurants and pubs here along with healthcare and educational facilities. The business operates from a central Dublin location and seven regional centres and expanded last year with the purchase of Ready Chef Ltd. The most recent accounts filed by Ready Chef Ltd, which was developed and owned by William Tallon and David Tallon, show that revenues increased from €18.9m to €23.79m in 2023 as the Glasnevin based manufacturer and distributor of fruit and vegetables recorded pre-tax losses of €1.64m. In 2023, the company employed 101. The 2023 loss chiefly arose from directors' pay increasing from €365,459 to €2.46m which was mainly made up of pension contributions of €2.25m. At Sysco Foods Ireland, numbers employed last year increased by 35 from 1,497 to 1,532 as staff costs rose from €59.74m to €63.49m. The directors state that in achieving the revenues, the company focused on sales with existing customers through its range of products and quality of service. The directors state that the gross margin remained at 24% for the period and this was achieved through a rigid cost management process, strong relationships with company suppliers and a change in the product mix. The strong profits of 2024, 2023 and 2022 at Sysco Foods follow Covid-19 related pre-tax losses of €8.8m in 2021 and €24.17m in 2020. Operating profits last year decreased by 17.5% from €33.33m to €27.53m and net interest payments of €3.76m reduced profits to a pre-tax profit of €23.76m. The business recorded post tax profits of €18.99m after incurring a corporation tax charge of €4.77m. The accounts show that staff numbers were made up of 1,282 in sales and distribution, 249 in administration and one director. Five directors served during the year and aggregate directors' remuneration totalled €443,181. The pre-tax profit last year takes account of net non-cash depreciation costs of €5.67m and non-cash amortisation costs of €944,307. The loss also takes account of operating lease costs of €1.63m and a foreign exchange loss of €2m. At the end of June last, the company had shareholder funds of €144.27m that included accumulated profits of €100.48m. The company's cash funds decreased from €17.5m to €11.6m.

Limerick's Sysco Foods paid €7.59m for Dublin food business
Limerick's Sysco Foods paid €7.59m for Dublin food business

Irish Examiner

time26-05-2025

  • Business
  • Irish Examiner

Limerick's Sysco Foods paid €7.59m for Dublin food business

The Irish arm of US food giant, Sysco Foods last year paid out €7.59m to acquire Dublin based food business, Ready Chef Ltd. That is according to new accounts for the Co Limerick based business - formerly Pallas Foods – which show that Sysco Foods Ireland UC's pre-tax profits declined by 18% from €29.04m to €23.76m in the 12 months to the end of June 2024. Profits declined as revenues increased by 5% from €574.8m to €603.2m. The business- which has its head office here at Newcastle West in Co Limerick - supplies food to thousands of hotels, shops, restaurants and pubs here along with healthcare and educational facilities. The business operates from a central Dublin location and seven regional centres and expanded last year with the purchase of Ready Chef Ltd. The most recent accounts filed by Ready Chef Ltd, which was developed and owned by William Tallon and David Tallon, show that revenues increased from €18.9m to €23.79m in 2023 as the Glasnevin based manufacturer and distributor of fruit and vegetables recorded pre-tax losses of €1.64m. In 2023, the company employed 101. The 2023 loss chiefly arose from directors' pay increasing from €365,459 to €2.46m which was mainly made up of pension contributions of €2.25m. At Sysco Foods Ireland, numbers employed last year increased by 35 from 1,497 to 1,532 as staff costs rose from €59.74m to €63.49m. The directors state that in achieving the revenues, the company focused on sales with existing customers through its range of products and quality of service. The directors state that the gross margin remained at 24% for the period and this was achieved through a rigid cost management process, strong relationships with company suppliers and a change in the product mix. The strong profits of 2024, 2023 and 2022 at Sysco Foods follow Covid-19 related pre-tax losses of €8.8m in 2021 and €24.17m in 2020. Operating profits last year decreased by 17.5% from €33.33m to €27.53m and net interest payments of €3.76m reduced profits to a pre-tax profit of €23.76m. The business recorded post tax profits of €18.99m after incurring a corporation tax charge of €4.77m. The accounts show that staff numbers were made up of 1,282 in sales and distribution, 249 in administration and one director. Five directors served during the year and aggregate directors' remuneration totalled €443,181. The pre-tax profit last year takes account of net non-cash depreciation costs of €5.67m and non-cash amortisation costs of €944,307. The loss also takes account of operating lease costs of €1.63m and a foreign exchange loss of €2m. At the end of June last, the company had shareholder funds of €144.27m that included accumulated profits of €100.48m. The company's cash funds decreased from €17.5m to €11.6m.

Sysco 2024 Sustainability Report: Responsibly Managing Pests
Sysco 2024 Sustainability Report: Responsibly Managing Pests

Associated Press

time16-04-2025

  • Business
  • Associated Press

Sysco 2024 Sustainability Report: Responsibly Managing Pests

Originally published in Sysco's 2024 Sustainability Report Now in its 20th year, Sysco's Integrated Pest Management (IPM) program encourages responsible growing practices. This includes using pesticide and nutrient inputs responsibly, conserving energy and water, and minimizing waste. It applies to Sysco Brand canned and frozen foods, such as frozen fruits, vegetables and potatoes. As of FY2024, the program included more than 17,600 growers and 59 suppliers covering more than 1 million acres of field. Overall, growers who applied IPM principles reported avoiding 6.1 million pounds of pesticides throughout the growing season. About Sysco 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. With more than 76,000 colleagues, the company operates 340 distribution facilities worldwide and serves approximately 730,000 customer locations. For fiscal year 2024 that ended June 29, 2024, the company generated sales of more than $78 billion. Information about our Sustainability program, including Sysco's 2023 Sustainability Report and 2023 Diversity, Equity & Inclusion Report, can be found at For more information, visit or connect with Sysco on Facebook at For important news and information regarding Sysco, visit the Investor Relations section of the company's Internet home page at which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. In addition, investors should continue to review our news releases and filings with the SEC. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information. To learn more about Sysco's commitment to sustainability, visit our webpage For full details about Sysco's 2024 Sustainability Report, visit here. Visit 3BL Media to see more multimedia and stories from Sysco Corporation

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