(Reuters) -Bunzl Plc on Thursday agreed to new contract terms with Walmart (NYSE:WMT), its largest customer by revenue, to keep supplying distribution services across North America, sending the British business supplies distributor's shares up 3%.
Bunzl (LON:BNZL), who has been working with Walmart for over 20 years and has been in negotiations with the supermarket giant from at least June last year, said the new terms will help cut the British company's sensitivity to certain cost movements.
"I am pleased to announce the continuation of this long-standing customer partnership, with this collaboration highlighting the strength of our customer-focused proposition," Chief Executive Officer Frank van Zanten said.
There will be no material change to revenue and profit from the contract, the company added.