9 January 2020
BUNZL EXPANDS WITH ACQUISITION IN THE US
Bunzl plc, the specialist international distribution and services Group, today announces that it has acquired a further business in the US.
Joshen Paper & Packaging, which is based in Cleveland, Ohio and operates from a number of locations across 11 states in the US, is engaged in the distribution of packaging and other goods not for resale to customers operating principally in the grocery sector. Revenue is expected to be approximately £225 million in 2020. As a grocery business, Joshen's operating margin is below the average for the Company's North America business area. The Company anticipates that it will realise a number of synergies over the next few years.
Commenting on the acquisition, Frank van Zanten, Chief Executive Officer of Bunzl, said:
"The purchase of Joshen has increased our presence in the grocery sector and further enhanced our operations in the US. We are pleased to welcome their employees to Bunzl."
Frank van Zanten, Chief Executive Officer
Richard Howes, Chief Financial Officer
Tel: +44 (0)20 7725 5000
Tel: +44 (0)20 7353 4200
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.