US Foods Plans to Go Public, Months After Failed Sysco Merger
US Foods will file a public offering less than a year since a deal to merge with Sysco collapsed. On Tuesday US Food’s filing listed a $100 million preliminary target to determine the registration fee but otherwise did not disclose fund-raising ambitions. According to the filing, US Foods has had sales rise modestly almost every year since 2010. But revenues in the first three quarters of 2015 were essentially flat from the previous year, at $17.2 billion. The company reported a $177 million profit last year, swinging from a $121 million loss in 2014. The company plans to trade on the New York Stock Exchange under the ticker symbol USFD. Other information about the offering, including which banks will lead the stock sale, was not disclosed.
Indian shrimp production may outperform expectations during the current growout season after producers added more seed stock to the ponds. A peak in December prices triggered more seeding from farmers in anticipation that the higher prices would hold. Meanwhile, there appears to be less disease and better survival rates than seen previously.
In other news, Ash Wednesday kicks off the 2016 Lenten season today, which runs until March 27 this year. This is traditionally the busiest time of the year for seafood sales in the calendar year. Major national restaurant chains are featuring various seafood menu options for a limited time during the period.
Meanwhile, recreational red snapper users are going to Congress to bypass industry stakeholders to shift commercial and recreational management to the five Gulf States according to the commercial and charter sectors.
Finally, the International Fish Meal and Fish Oil Organization (IFFO) noted the recent success of BioMar and Whole Foods’ byproduct-based salmon feed in backing the use of more fish processing by-products to produce fish feed.
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