DALLAS, April 24 /PRNewswire/ -- Fleming (NYSE: FLM) today announced it
has acquired convenience-store wholesaler Minter-Weisman. Terms of the
transaction are not being disclosed.
Minter-Weisman, located in Plymouth, Minnesota, serves a variety of
customers in Minnesota, Wisconsin and surrounding states and will continue to
operate under the Minter-Weisman banner. The acquisition is another step in
Fleming's geographic expansion in convenience-store distribution.
"We are excited to be welcoming a well-respected company with such a
committed group of skilled associates to the Fleming family," said Steve
Davis, Executive Vice President and President, Wholesale. "The convenience-
store distribution business is an excellent growth vehicle for Fleming and the
Minter-Weisman acquisition fits precisely with our stated objectives of
growing this area of our business."
Minter-Weisman, a privately-held business, will be managed day-to-day by
members of the existing management team, Jeff Rutman and Paul Siegel.
"Minter-Weisman is known for our focused, hands-on attention to the customer.
We are excited to be a part of Fleming and in particular, contributing to the
growth of Fleming's convenience-store distribution business," said Rutman and
Siegel.
Minter-Weisman's sales total approximately $400 million annually. Fleming
anticipates the transaction to be accretive in 2001, adding approximately two
cents per share to earnings for the year.
Fleming is a $14 billion company and the industry leader in distribution
and has a growing presence in value retailing. Fleming's primary business is
buying and selling merchandise. The company serves approximately
3,000 supermarkets including more than 700 North American stores of global
supermarketer IGA and other regional banners, nearly 5,000 convenience stores
and nearly 1,000 supercenters, discount, limited assortment, drug, specialty,
and other businesses across the country. To learn more about Fleming, visit
our website at http://www.fleming.com .
Safe Harbor Statement
This release includes statements that
(a) predict or forecast future events;
(b) depend on future events for their accuracy; or
(c) embody projections and assumptions that may prove to have been
inaccurate, including expectations for years 2001 and beyond.
These projections, forward-looking statements, and the company's business
and prospects are subject to a number of factors that could cause actual
results to differ materially, including; adverse competition, sales declines
and loss of customers, exposure to litigation and other contingent losses,
failure to implement strategic initiatives according to plan or to achieve the
expected results of such plan, failure of the company to achieve necessary
cost savings, and negative effects of the company's substantial indebtedness
and the limitations imposed by restrictive covenants contained in the
company's debt instruments. These and other factors are described in the
company's periodic reports available from the Securities and Exchange
Commission.
CONTACTS:
(Media) Randy Hatcher 972.906.8823
(Media) Shane Boyd 972.906.8824
(Investors-Equity) Meredith Anderson 972.906.8592
SOURCE Fleming
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Related links:
http://www.fleming.com
CONTACT:
media, Randy Hatcher, +1-972-906-8823, or
media, Shane Boyd, +1-972-906-8824, or investors-equity, Meredith
Anderson, +1-972-906-8592, all of Fleming
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