Skip to main content

Kroger closes acquisition of Harris Teeter










BY ELY PORTILLO

elyportillo@charlotteobserver.com






January 29, 2014 Updated 21 hours ago















Assistant Produce Manager Tyler Christy organizes the tomatoes in the produce section of the newly opened Harris Teeter in Myers Park. Robert Lahser - rlahser@charlotteobserver.com




ROBERT LAHSER — rlahser@charlotteobserver.com






 










 



















MERGER BY THE NUMBERS


Harris Teeter

Annual sales: $4.7 billion

Employees: 25,800

Stores: 227

Number of states company operates in: 8

Kroger

Annual sales: $96.8 billion

Employees: 343,000

Stores: 2,414

Number of states company operates in: 31







Cincinnati-based Kroger Co. said Wednesday that it has officially closed its acquisition of homegrown supermarket company Harris Teeter, which is now a subsidiary of the Kroger conglomerate.





Although Harris Teeter will keep its Matthews offices, its name and a degree of autonomy following the $2.5 billion deal, two high-ranking executives at Harris Teeter are leaving the company, Kroger said.








Chairman and CEO Thomas Dickson is retiring, and longtime chief financial officer John Woodlief is leaving to pursue other interests, Kroger said. Harris Teeter will be led by the company’s current president, Fred Morganthall.








“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,”
said Dickson, in a statement.







Kroger CEO Rodney McMullen praised Harris Teeter. He also said the deal gives Kroger better access to “attractive markets.” About two-thirds of Harris Teeter’s stores are in North Carolina.







“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,”
McMullen said in a statement.









The acquisition propels Kroger into the rarefied ranks of companies with more than $100 billion worth of annual sales. There are 21 other such companies on the Fortune 500 list, including Apple, Bank of America and General Motors.






And the acquisition also removes a local headquarters from Charlotte. In recent years, the area has seen several major local companies acquired, including Wachovia, Goodrich Corp., and now Harris Teeter.






Harris Teeter shareholders will receive $49.38 a share from Kroger, which financed the deal with cash and debt offerings.







Kroger said it expects to achieve cost savings of $40 to $50 million within four years, helping make the Harris Teeter acquisition profitable. The company said it will rely “largely from the benefits of Kroger’s enhanced scale,” which could get Harris Teeter access to better prices for merchandise than before, as a smaller, standalone company. 





The combined company will also look at combining some behind-the-scenes and administrative functions to save money.





Kroger is a much more far-flung company than Harris Teeter, operating thousands of stores under two dozen different names, including Kroger, Fred Meyer, Fry’s, Dillons, King Soopers, QFC and Ralphs.






Popular posts from this blog

THE MOST SOUGHT AFTER MANGOES IN THE WORLD ....

While "Flavor" is very subjective, and each country that grows mangoes is very nationalistic, these are the mango varieties that are the most sought after around the world because of sweetnesss (Brix) and demand.

The Chaunsa has a Brix rating in the 22 degree level which is unheard of!
Carabao claims to be the sweetest mango in the world and was able to register this in the Guiness book of world records.
Perhaps it is time for a GLOBAL taste test ???





In alphabetical order by Country....










India




Alphonso





Alphonso (mango)
From Wikipedia, the free encyclopedia








Alphonso (हापुस Haapoos in Marathi, હાફુસ in Gujarati, ಆಪೂಸ್ Aapoos in Kannada) is a mango cultivar that is considered by many[who?] to be one of the best in terms of sweetness, richness and flavor. 


It has considerable shelf life of a week after it is ripe making it exportable. 

It is also one of the most expensive kinds of mango and is grown mainly in Kokan region of western India.

 It is in season April through May and the fruit wei…

Mangoes date back 65 million years according to research ...

Experts at the Birbal Sahni Institute of Palaeobotany (BSIP) here have traced the origin of mango to the hills of Meghalaya, India from a 65 million year-old fossil of a mango leaf. 





The earlier fossil records of mango (Mangifera indica) from the Northeast and elsewhere were 25 to 30 million years old. The 'carbonized leaf fossil' from Damalgiri area of Meghalaya hills, believed to be a mango tree from the peninsular India, was found by Dr R. C. Mehrotra, senior scientist, BSIP and his colleagues. 




After careful analysis of the fossil of the mango leaf and leaves of modern plants, the BISP scientist found many of the fossil leaf characters to be similar to mangifera.


An extensive study of the anatomy and morphology of several modern-day species of the genus mangifera with the fossil samples had reinforced the concept that its centre of origin is Northeast India, from where it spread into neighbouring areas, says Dr. Mehrotra. 




The genus is believed to have disseminated into neighb…

DHL (INDIA) makes gifting mangoes as easy as 1-2-3-....

Gifting mangoes is now easy with DHL
Announcement / Corporate


 May 19, 2011, 14:04 IST





Come this summer pamper your loved ones abroad with a box of delicious mangoes through DHL’s Express Easy Mango service, a unique one-stop-shop and hassle-free service for gifting mangoes all across the world.






This unique service by DHL Express, the world’s leading express company, allows customers to send mangoes from India across the world to the following countries Belgium, Canada, Czech Republic, Germany, Greece, Hungary, Hong Kong, Italy, Luxemburg, Maldives, Netherlands, Norway, Oman, Qatar Singapore, Switzerland and Sweden.





Mangoes can be availed of free of cost by merely paying for the Air Express service. In addition, DHL Express assists customers with the necessary paperwork along with procurement of quality-grade Alphonso mangoes.





Commenting on the new service, Mr. R.S Subramanian, Country Head, DHL Express India said: “With the advent of the mango season, it is no wonder that DHL Express Ea…