Bunzl (LON:BNZL), the specialist international distribution and services Group, today announced that it has acquired a further business in the US.
Joshen Paper & Packaging, which is based in Cleveland, Ohio and operates from a number of locations across 11 states in the US, is engaged in the distribution of packaging and other goods not for resale to customers operating principally in the grocery sector. Revenue is expected to be approximately £225 million in 2020. As a grocery business, Joshen’s operating margin is below the average for the Company’s North America business area. The Company anticipates that it will realise a number of synergies over the next few years.
Commenting on the acquisition, Frank van Zanten, Chief Executive Officer of Bunzl, said:
“The purchase of Joshen has increased our presence in the grocery sector and further enhanced our operations in the US. We are pleased to welcome their employees to Bunzl.”