Benzinga | Sep 8, 2021 01:31PM EDT

FEMSA To Acquire Penn Jersey Paper For Undisclosed Sum

* FEMSA or Fomento Economico Mexicano SAB ADR's (NYSE:FMX) specialized distribution subsidiary in the U.S., Envoy Solutions, has agreed to acquire Penn Jersey Paper Co, an independent specialized distribution company based in Philadelphia, Pennsylvania. The financial terms of the deal were not disclosed.

* The acquisition will help spread the company's distribution footprint along the East Coast, expanding its coverage to include the Philadelphia metro area and New York City.

* Penn Jersey Paper's revenue for the last twelve months as of June 2021 was over $200 million.

* FEMSA expects the deal to close in Q3 2021.

* The company held 107 billion Pesos in cash and equivalents as of June 30, 2021.

* Price Action: FMX shares are trading lower by 0.03% at $84.54 on the last check Wednesday.