Stmt reSeiyo Food Systems Inc
Compass Group PLC
12 March 2002
12 March 2002
Compass Group PLC
SEIYO FOOD SYSTEMS, INC. -
PARTIAL SALE OF JAPANESE HIGH STREET RESTAURANT BUSINESS
Compass Group announces that its recently acquired subsidiary Seiyo Food
Systems, Inc. of Japan has entered into a definitive agreement to sell 120
units of its CASA high street restaurant business to COCO'S JAPAN CO., LTD. for
Y4.8 billion (approximately £26.4 million) in cash. This represents a major
step towards Seiyo's previously announced objective to exit from its loss-
making high street restaurant business and continue to focus on the contract
and concession foodservice market. The purchase price achieved is in line with
Compass Group's expectations.
ENDS
Enquiries:
Timothy Grey
Brunswick Group
Tel: 020 7404 5959
Notes to editors
1. Compass Group cash tender offer for Seiyo: On 30 January 2002, Compass
Group PLC confirmed the successful conclusion of its cash tender offer for
Seiyo. Compass Group now owns 80% of Seiyo's issued share capital and has the
additional voting support of Seiyo's two largest shareholders, Saison Network
Inc. and Seibu Department Stores, Ltd., together representing a further 13.5%
of the equity of Seiyo.
2. Compass Group is the world's largest foodservice company employing over
360,000 people in over 90 countries and with annual revenues in excess of
£9bn. Compass Group provides foodservice for clients including major
employers, educational establishments, hospitals, leisure venues, retail
locations and at major airports and stations throughout USA, Europe, and
developing markets in Asia and South America. It operates through sector-
specific subsidiaries such as Eurest, the world's largest specialist in
providing foodservice to business and industry clients, and Select Service
Partner, the European market leader in foodservice at airport restaurants and
rail stations. Further information on the Group can be found at www.compass-
group.com
3. Seiyo: Founded in 1947, Seiyo is based in Tokyo and manages 343 contract
outlets for clients and operates 241 concession outlets throughout Japan.
Seiyo announced in December 2001 its intention to sell its CASA high street
restaurants operating division. The CASA division comprises a total of 145
high street restaurants. In addition to the 120 units to be sold to COCO'S
JAPAN, Seiyo announced in February 2002 that it has reached preliminary
agreement with TASCOSYSTEM Co., Ltd. in relation to the sale of a further 11
units for approximately Y450 million (approximately £2.5 million) in cash.
This information is provided by RNS
The company news service from the London Stock Exchange
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