Pallas Foods, a Co. Limerick based food distributor has been sold for an undisclosed fee to international food company Sysco Corporation. Pallas was owned and run by the Geary family and had annual revenues of €155 million last year and employed 500 people. Its revenues and workforce have increased sharply in recent years.The company supplies and distributes raw and pre-prepared foods to a range of catering outlets and has eight operating depots in the Republic and Northern Ireland. It supplies both markets.
“By joining Sysco, we have opened up access to a large number of quality assured products for our customers”, said Tim Geary, Pallas Foods director and founder. “This alignment positions our company for long-term growth. We look forward to strengthening our position as the industry leader in Ireland”.
Sysco Corporation is a global distributor of food to restaurants, schools and colleges and hospitals and nursing homes. In the year to the end of June 2008 it had sales of over $37 billion.
According to the most recent Company’s Registration Office filing, for the year ending September 30th 2007, Pallas foods earned pretax profits of €2.08 million on a turnover of €116 million, up from €84.3 million in 2006 and more than double the turnover of €61.2 million in 2005.
In 2007 stage the company employed 386 people in a year when the size of its workforce grew by almost 90 people.
At the end of September 2007 wages and other staff costs were €14.9 million.
The directors of the company include Mr Geary and three of his four sons. All senior executives of Pallas are said to have signed long-term employment contracts with Sysco.
A spokeswoman for Pallas said the takeover would have no impact on staff.
The directors of the company include Mr Geary and three of his four sons. All senior executives of Pallas are said to have signed long-term employment contracts with Sysco.
A spokeswoman for Pallas said the takeover would have no impact on staff.
