Less Ads, More Data, More Tools Register for FREE

Bunzl shares climb as strikes new deal with existing customer

Thu, 02nd Feb 2023 09:19

(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

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Related Shares

More News
28 May 2024 09:35

IN BRIEF: Bunzl completes acquisition of catering distributor Nisbets

Bunzl PLC - London-based distribution and services provider - Completes purchase of Nisbets Ltd, a Bristol, England-based distributor of catering equi...

28 May 2024 09:12

LONDON MARKET OPEN: FTSE 100 stumbles as campaign trail heats up

(Alliance News) - Stock prices in London opened a mixed bag on Tuesday, with the FTSE 100 trending lower, but smaller indices on the up.

28 May 2024 07:02

Bunzl Nisbets purchase cleared by Ireland regulator

(Sharecast News) - Bunzl's £339m takeover of UK-based catering equipment provider Nisbets has been cleared by Ireland's competition regulator, th...

16 May 2024 16:53

London close: Stocks mixed as ex-divs drag on FTSE

(Sharecast News) - London stocks ended mixed on Thursday, following a flurry of corporate news and a focus on US unemployment figures.

9 May 2024 15:51

UK dividends calendar - next 7 days

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.