Harris Teeter and Kroger Complete Merger
The Kroger Company and Harris Teeter Supermarkets, Inc., announced this week that they have officially completed a merger that has been in the works since July.
Under the terms of the merger agreement, the company says, Harris Teeter shareholders will receive $49.38 per share of Harris Teeter Common Stock. According to the Harris Teeter web site, customers should expect no changes in the stores. They will retain the Harris Teeter name and brands and, the company says, there are no plans to close any stores.
W. Rodney McMullen, the Chief Executive Officer of Kroger, said in a joint statement released on Tuesday, "This merger brings the exceptional Harris Teeter brand, and a complimentary 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."
Harris Teeter's outgoing Chairman and CEO, Thomas W. Dickson, said, "We are excited that Kroger, one of the best food retailers in the U.S., has recognized the value in Harris Teeter. This successful transaction is, first and foremost, a tribute to our outstanding management teams and associates." Dickson has announced his retirement from the company after 16 years as CEO.
Harris Teeter also plans to retain its company headquarters in Matthews, North Carolina. Kroger is based in Cincinnati. The combined company will operate more than 26-hundred supermarkets and employ more than 368-thousand people in 34 states and the District of Columbia. Currently, Kroger operates stores under two dozen names, including Kroger, City Market, Dillons, Food 4 Less, Fred Meyer, Fry's, Harris Teeter, Jay C, King Soopers, QFC, Ralphs and Smith's.
To read more about the Harris Teeter/Kroger merger, click here.