American Italian Pasta Company Announces Changes to Its SYSCO Relationship
27 6월 2006 - 9:08AM
PR Newswire (US)
AIPC Expects to Continue to Service SYSCO Operating Companies While
Also Pursuing the Approximately 75% of Food Service Market Not
Serviced by SYSCO KANSAS CITY, Mo., June 26 /PRNewswire-FirstCall/
-- American Italian Pasta Company (NYSE:PLB), the largest producer
and marketer of dry pasta in North America, announced that its
mutually exclusive contract with SYSCO Corporation ("SYSCO") for
the supply of pasta bearing a SYSCO owned label will terminate at
the end of 2006. The Company expects to continue to supply pasta to
the SYSCO network of operating companies as a non-exclusive
qualified supplier, while pursuing the approximately 75% of the
food service market not serviced by SYSCO. Under the terms of the
SYSCO contract, the Company has been precluded from pursuing other
food service providers. These other providers present a market
opportunity of approximately 375 million pounds of pasta annually.
During the fiscal year ended September 30, 2005, sales to SYSCO
accounted for approximately 11% of the Company's revenue. The
Company also will be free to service major restaurant and hotel
chains and other multi-unit entities, without seeking the prior
approval of SYSCO, which has been required under the existing
contract. In addition, the Company will be able to supply private
label pasta and sell its own brands into the food service channel.
"AIPC has had a strong, long-standing relationship with SYSCO and
its operating companies and we are looking forward to continuing to
be a key supplier to SYSCO," said Jim Fogarty, Chief Executive
Officer of AIPC. "Going forward, we also will be able to provide
all other major food distributors and multi-unit accounts with our
high quality pasta products marketed under both private label and
AIPC's own brands." "Given the outstanding business we have built
in the retail private label market, we are excited about pursuing
this market opportunity, forming relationships with these customers
and continuing to demonstrate the outstanding service levels and
quality that our current customers have come to know and rely
upon," he added, noting that AIPC services more than 50% of the
retail private label market. Jerry Dear, executive vice president
of AIPC, said, "We look forward to our continued success with SYSCO
and its operating companies and to leveraging our food service
expertise to expand our business in this growing segment of the
industry. Over these next several months we will focus on
developing our infrastructure to maximize these opportunities."
Founded in 1988 and based in Kansas City, Missouri, American
Italian Pasta Company is the largest producer and marketer of dry
pasta in North America. The Company has four plants that are
located in Excelsior Springs, Missouri; Columbia, South Carolina;
Tolleson, Arizona and Verolanuova, Italy. The Company has
approximately 600 employees located in the United States and Italy.
DATASOURCE: American Italian Pasta Company CONTACT: George Shadid,
EVP & Chief Financial Officer of American Italian Pasta
Company, +1-816-584-5621, Web site: http://www.aipc.com/
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