Industry News

Kroger Completes Harris Teeter Merger

January 30, 2014
/ Print / Reprints /
ShareMore
/ Text Size+

The Kroger Co., Cincinnati, and Harris Teeter Supermarkets, Inc., Matthews, N.C., announced that the merger transaction between the two companies was completed on Jan. 28. Under the terms of the merger agreement, Harris Teeter shareholders will receive $49.38 per share of Harris Teeter common stock.

"We are pleased that our merger is complete and look forward to bringing together the best of Kroger and Harris Teeter to benefit our customers, associates and shareholders," says W. Rodney McMullen, chief executive officer of Kroger. "This merger brings the exceptional Harris Teeter brand and a complementary base of stores in attractive markets to the Kroger family. We have long respected Harris Teeter's customer orientation, friendly and professional associates, strong management team and company values, which are consistent with ours. Together, through our Customer 1(st) Strategy, we are going to be an outstanding combination."

"We are excited that Kroger, one of the best food retailers in the U.S., has recognized the value in Harris Teeter,” says Thomas W. Dickson, the outgoing chairman and CEO of Harris Teeter Supermarkets. “This successful transaction is first and foremost a tribute to our outstanding management teams and associates. Their tireless commitment to delivering great value and excellent customer service has been instrumental in building Harris Teeter into the unique brand that it is today. The merger with Kroger provides the opportunity to continue to expand the Harris Teeter brand as well as to provide future employment and career advancement opportunities for our associates in an increasingly competitive market. The merger also is the culmination of a long track record of delivering substantial value to our shareholders."

The transaction allows Kroger to expand with the Harris Teeter brand and a base of 227 stores in the southeastern and mid-Atlantic markets and in Washington, D.C. Harris Teeter also operates distribution centers for grocery, frozen and perishable foods in Greensboro, N.C., and Indian Trail, N.C., and a dairy facility in High Point, N.C. Harris Teeter will continue to operate its stores under the Harris Teeter brand name as a subsidiary of The Kroger Co. Harris Teeter had revenues of $4.7 billion for fiscal year 2013.

Did you enjoy this article? Click here to subscribe to Refrigerated & Frozen Foods magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

OSI, 2014 Refrigerated Foods Processor of the Year

Find out how this global food provider secured a new supply chain global trading platform, opened a new culinary innovation center and continues to keep food safety top of mind.

Read cover story here.
Read plant story here.

7/31/14 12:00 pm EDT

Engaging the Manufacturing Workforce to Drive Business Improvement

AIOE’s Workforce Development Solutions Group will soon release its work product, “The Engagement Framework”. This is a robust resource tool that both CPGs and suppliers should find useful in their organizations. Attendees will learn of the key attributes of Engagement, and cases and lessons learned on how to apply these guiding lessons within your company. The value proposition is fundamental to business success in our industry: business performance, competitive globally, recruitment and retention.

Processors On The Rise...

What aspects of an up-and-coming company are most important for it to become successful in the cold food marketplace?
View Results Poll Archive

Refrigerated and Frozen Foods Magazine

CoverImage

2014 July

Refrigerated & Frozen Foods' July 2014 issue features the State of the Industry report.

Table Of Contents Subscribe

The Refrigerated and Frozen Food Store

July 2013 Cold Packaging Materials Guide
Cold Packaging Materials Guide

A guide to cold packaging containers and materials.

More Products

Refrigerated & Frozen Foods Delivers

RFF Infographic 133x133Click here to see a snapshot of the many different ways Refrigerated & Frozen Foods delivers business and technology solutions to cold chain professionals.

Buyer's Guide

Visit our Buyer's Guide!

Refrigerated & Frozen Foods offers a Cold Packaging Materials Guide, as well as a Cold Storage Warehouse Guide, the most comprehensive listing of cold storage warehouses.

Visit the Buyer's Guide page today!

STAY CONNECTED

facebook_2014 twitter_40px youtube_40pxlinkedin_40px