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On February 2, 2023, Bunzl plc announced it agreed terms with its largest customer by revenue in North America to continue providing distribution services across the United States, with no material change to attributable revenue and profit, and terms that significantly reduce Bunzl's sensitivity to product and operating cost movements. Separately, Bunzl completed the acquisition of Grupo R. Queralto, a Spanish online healthcare product distributor, in December 2022. Queralto generated revenue of EUR 27 million (c.£23 million) in 2022.
| Date | 2 Feb 2023 |
| Time | 07:00:04 |
| Category | Corporate updates |
| ID | 6606O |
02 February 2023
Bunzl plc, the specialist international distribution and services Group, today announces that it has agreed terms with its largest customer by revenue to continue to support the company with value-added distribution services across the United States. There is no material change to revenue and profit attributable to the contract, although agreed terms significantly reduce Bunzl's sensitivity to product and operating cost movements.
In addition, Bunzl completed the acquisition of Grupo R. Queralto in December 2022. Queralto is a fast-growing online distributor of healthcare products based in Spain with a strong own brand portfolio. In 2022 the business generated revenue of EUR 27 million (c.£23 million).
Frank van Zanten, Chief Executive Officer of Bunzl, said:
"I am pleased to announce the continuation of this long-standing customer partnership, with this collaboration highlighting the strength of our customer-focused proposition.
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."
Enquiries:
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Bunzl plc Frank van Zanten, Chief Executive Officer Richard Howes, Chief Financial Officer Sunita Entwisle, Head of Investor Relations Tel: +44 (0)20 7725 5000 |
Tulchan Martin Robinson Olivia Peters Tel: +44 (0)20 7353 4200 |