Teamsters to Host Investor Call on Sysco, US Foods Merger
(WASHINGTON) — The International Brotherhood of Teamsters will host a call to update industry analysts and investors of Sysco [NYSE: SYY] and US Foods [USF] on the proposed merger of the country's top two foodservice industry providers, a transaction currently under antitrust review by the Federal Trade Commission (FTC).
As Sysco and US Foods respond to the FTC's second request for information, Sysco's bid for market dominance faces serious challenges, including the company's underestimation of potential market share and a lack of viable competitors in many markets. Recent reports characterized the request for information as extensive. The Teamsters warn that unless challenged by the FTC or some state attorneys general, this merger would be likely to mean less choice for restaurants and other commercial customers, as well as higher costs for consumers and potential job losses for Sysco and US Foods workers.
With 11,500 members at 70 Sysco and US Foods broadline facilities and as representatives of members at key regional competitors, the Teamsters Union has a rich understanding of the foodservice industry and the potential effects on operations.
WHO: Don Baker, former assistant attorney general, Antitrust Division at the Department of Justice, founding partner of Baker & Miller, Washington-based antitrust law firm
Steve P. Vairma, Teamsters International Vice President, Director, Warehouse Division
Alan Meyers, (moderator) Mergers & Acquisition Specialist, Teamsters Capital Strategies Department
WHAT: Investor, industry analysts and reporter call on proposed Sysco-US Foods merger
WHEN: Thursday, Aug. 28, 11 a.m.
To preregister, please email: firstname.lastname@example.org