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(Reuters) - Food distribution company US Foods Holding Corp (USFD.N) said on Monday it would buy SGA’s Food Group of Cos for $1.8 billion in cash and reported disappointing second-quarter sales, sending its shares down 15 percent. With 12 distribution centers and more than 20 private brands, SGA’s Food had 2017 net sales of $3.2 billion from its five operating units - Food Services of America Inc (FSA), Systems Services of America Inc, Amerifresh Inc, Ameristar Meats Inc and GAMPAC Express Inc.
US Foods said it expected to achieve about $55 million in annual run-rate cost savings by the end of fiscal 2022 and that the deal was likely to add to letter x cufflinks its adjusted profit in the second year following the closing of the transaction, The deal will be funded primarily through a $1.5 billion term loan from J.P, Morgan and Bank of America Merrill Lynch and the remaining through its existing liquidity resources, US Foods said, For the reported quarter, US Foods’ sales were $6.16 billion, missing analysts’ average estimate of $6.46 billion, according to Thomson Reuters I/B/E/S..
“While our volume growth with independent restaurants was solid, it fell below our expectation, mostly due to some operational challenges,” US Foods Chief Executive Officer Pietro Satriano said. Centerview Partners is the financial adviser to US Foods, while Cravath, Swaine & Moore LLP is its legal adviser. Morgan Stanley & Co. LLC is SGA’s financial adviser and Davis Polk & Wardwell LLP provided legal counsel. Shares of US Foods were on track for the worst day ever since their IPO in 2016.
(Reuters) - Tyson Foods Inc (TSN.N) cut its full-year profit forecast on Monday, citing the uncertainty in trade policies and increased tariffs that have hurt letter x cufflinks domestic and export prices of meat, sending its shares down 6 percent, Following U.S, tariffs on imported aluminum and steel, China retaliated with tariffs on U.S, pork and beef, while Mexico and Canada also implemented levies, leading to over supplies and subsequently lower prices for these proteins in the domestic market, This has in turn hurt the consumption of chicken in the United States, forcing producers such as Tyson to reduce prices to spur demand..
“We still face pressure on chicken sales volume and pricing due to the abundance of relatively low-priced beef and pork on the market,” Chief Executive Officer Tom Hayes said. “Our forecasted earnings range reflects the current market volatility in meat prices,” Hayes said. The company now expects adjusted earnings per share of about $5.70-$6.00 for fiscal 2018, down from its earlier forecast of $6.55-$6.70. Analysts’ on average were expecting the company to earn $6.53 per share, according to Thomson Reuters I/B/E/S.
Jefferies analyst Akshay Jagdale lowered his profit estimates for Tyson and peers Sanderson Farms Inc (SAFM.O) and Pilgrims Pride letter x cufflinks Corp (PPC.O), as he expects demand for chicken weaken due to increased availability of competing meats, “Commodity chicken prices will remain weak through at least Q1 of 2019,” Jagdale wrote, Shares of Sanderson Farms dipped 3 percent, while Pilgrims Pride’s stock was down 1.6 percent, Tyson Foods said the benefit it would get from the U.S, tax reform is now about 77 per share, down from a previous projection of 85 cents per share..
MEXICO CITY/OTTAWA (Reuters) - Canada, the European Union, Japan, Mexico and South Korea will meet in Geneva next week to discuss how to respond to threats by U.S. President Donald Trump to impose tariffs on U.S. imports of autos and car parts, officials familiar with the talks said. The Trump administration has come under heavy criticism from automakers, foreign governments and others as it considers tariffs of up to 25 percent, a levy critics warn will hike vehicle costs, hurting auto sales and global industry jobs.
Several auto manufacturing powers have been talking to each other in recent days about their fears and a possible coordinated response to Trump’s “Section 232” investigation, which he ordered on May 23, into whether auto imports are a threat to U.S, security, sources say, The probe could be completed within weeks, although similar ones ordered last year that led to tariffs of 25 percent on steel and 10 percent on aluminum took letter x cufflinks about 10 months, The Commerce Department has 270 days to offer recommendations to the president after such a probe starts, He then has 90 days to act upon them..