Pallas Foods was formed in the early 1980's by the Geary family and has grown into a diversified foodservice distribution company that serves more than 6,000 customers with a portfolio of 7,000 products. The company, with annual revenues of approximately $200 million, employs 500 associates. Pallas operates from its Newcastle West headquarters and eight satellite distribution centers throughout Ireland.
"The acquisition of Pallas Foods represents a partnership with a quality management team," said Ken Spitler, Sysco's vice chairman, president and chief operating officer.
"This opportunity allows Sysco to further explore international growth with a well-regarded team that provides the high-quality service that Sysco customers are accustomed to." In connection with the acquisition, senior executives of Pallas have signed long-term employment contracts with Sysco, according to the company’s announcement.
"By joining Sysco, we have opened up access to a large number of quality assured products for our customers," said Tim Geary, Pallas Foods founder. "This alignment positions our company for long-term growth. We look forward to strengthening our position as the industry leader in Ireland."
Barry O'Leary, ceo of IDA Ireland, the agency responsible for developing foreign direct investment, welcomed Sysco's arrival. "I am delighted to see a highly regarded company like Sysco invest in Ireland through this acquisition,” he said. “We look forward to establishing a good working relationship with them and my hope is that this announcement today only signals the beginning of a very fruitful longer term relationship between Sysco and Ireland."