Food Service Giants End Merger Talks

Breaking News: Performance Food Group and US Foods Scrap Merger PlansThe proposed merger between Performance Food Group and US Foods, which would have created the largest domestic food service company, has been called off. Both companies confirmed this week that they will not proceed with the deal. The combined entity was expected to have over one hundred billion dollars in annual net sales and a massive fleet of more than six thousand tractors. Performance Food Groups CEO, George Holm, stated that their board believes the best path for long-term value is to execute their standalone strategic plan, citing their recent first-quarter results as a sign of confidence in their ability to grow independently. US Foods CEO, Dave Flitman, also confirmed the termination of discussions, citing a thorough analysis of potential synergies and regulatory considerations. Both companies will now focus on their individual growth strategies and financial goals.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.