Acquisition of Leitchfield, KY Operations of Miller & Hartman Expected to Add
Incremental Revenue of $400 Million Annually
DALLAS, Sept. 10 /PRNewswire/ -- Fleming (NYSE: FLM) announced today that
it has completed the acquisition of certain assets and inventory of privately-
held convenience-store distributor Miller & Hartman South, LLC. Included in
the purchase are warehouse facilities and inventory located in Leitchfield,
Kentucky. Fleming paid approximately $4 million for the real estate, fixtures
and equipment. Fleming also acquired the existing inventory. The Leitchfield
facility currently generates $400 million in annual revenue serving
1,000 customers in 1,800 locations across eight southeastern states.
"This acquisition is yet another example of our strategic move into the
convenience-store distribution business," said Mark Hansen, chairman of the
board and chief executive officer of Fleming. "The Miller & Hartman business
is a particularly good opportunity for Fleming because it expands our reach
into important new states, especially Kentucky and Tennessee. And, with
$400 million in incremental sales volume added to our current annualized
convenience-store business of approximately $2 billion, we believe Fleming is
now positioned as the fourth largest c-store distributor in the country with a
rapidly growing network of operations." Fleming currently operates dedicated
c-store facilities in Pennsylvania, Illinois, Wisconsin, Minnesota, and
Kentucky. Additionally, Fleming serves c-store businesses from its full-line
distribution centers in Lubbock, Texas and Sacramento, California.
Fleming is 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, 6,800 convenience stores and more than 2,000 supercenters,
discount, limited assortment, drug, specialty, and other businesses across the
country. To learn more about Fleming, visit our Web site at http://www.fleming.com .
Safe Harbor Statement: This release includes forward-looking statements
that depend on future events for their accuracy or rely upon projections and
assumptions that may prove to be inaccurate. These 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
effects of the changing industry environment and increased competition;
unanticipated problems with product procurement; potential sales decline and
loss of customers; and the ability to integrate acquired assets and to achieve
operating improvements with those assets. These and other risk factors are
described in the company's Securities and Exchange Commission reports,
including but not limited to the 10-K Report for the 2000 fiscal year. The
company undertakes no obligation to update forward-looking statements to
reflect developments or information obtained after the date hereof.
CONTACTS:
(Media) Shane Boyd 972.906.8824
(Media) Randy Hatcher 972.906.8823
(Investors-Equity) Meredith Anderson 972.906.8592
(Investors-Debt) Matt Hildreth 972.906.8126
SOURCE Fleming
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Related links:
http://www.fleming.com
CONTACT:
media, Shane Boyd, +1-972-906-8824, or Randy
Hatcher, +1-972-906-8823, or investors-equity, Meredith Anderson,
+1-972-906-8592, or investors-debt, Matt Hildreth,
+1-972-906-8126, all of Fleming
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