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(Alliance News) - Bunzl PLC on Thursday said it has agreed a deal to support its largest customer with distribution services in the US.
Bunzl shares were 2.3% higher at 3,048.00 pence each in London on Thursday morning.
London-based Bunzl said it will assist with the company's "value-added distribution services" in the US. While it left its revenue and profit forecast unchanged, the company said the deal can "significantly reduce" its exposure to product and operating cost movements.
"I am pleased to announce the continuation of this long-standing customer partnership, with this collaboration highlighting the strength of our customer-focused proposition," Chief Executive Frank van Zanten said.
Reuters reported that the customer is Walmart Inc.
In addition, the company said it completed the acquisition of Grupo R Queralto in December. Queralto is a distributor of healthcare products and is based in Sevilla, Spain.
Bunzl did not say how much it acquired the company for. Queralto in 2022 generated revenue of EUR27 million.
"I am also pleased to welcome Queralto to the Bunzl family, a business that is highly complementary to our healthcare business in Spain and further enhances our own brand portfolio. Overall, 2022 was another successful year for Bunzl's compounding growth strategy, with agreements to acquire 12 businesses across a range of different sectors and countries, highlighting the breadth of our opportunity," van Zanten added.
By Eric Cunha, Alliance News news editor
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