Kroger is set to grow with Harris Teeter upon completion of the company's merger Wednesday.
Harris Teeter investors acquire $49.38 a share of the supermarket chain's common stock a press release reported.
"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," W. Rodney McMullen, CEO at Kroger said in a statement.
"This merger brings the exceptional Harris Teeter brand and a complementary base of stores in attractive markets to the Kroger family," McMullen said in the statement. "We have long respected Harris Teeter's customer orientation, friendly and professional associates, strong management team, and company values - which are consistent with ours," said in the statement. "Together, through our Customer 1st Strategy, we are going to be an outstanding combination," McMullen said in the statement.
Harris Teeter has 227 locations in the south eastern, mid-atlantic, United States, and Washington D.C. a press release reported. Grocery distribution centers house frozen food and those that easily go bad.
"We are excited that Kroger, one of the best food retailers in the U.S., has recognized the value in Harris Teeter," Thomas Dickson, chairman and CEO at Harris Teeter said in a statement. "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," Dickson said in the statement.
"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," Dickson said in the statement. "The merger also is the culmination of a long track record of delivering substantial value to our shareholders."
