Ruddick Corp., Charlotte, N.C., parent of Harris Teeter here, said last week it has reached an agreement for its other principal subsidiary, American & Efrid, a leading manufacturer and distributor of industrial apparel thread, to purchase a leading British manufacturer of industrial non-apparel thread. Ruddick's American & Efrid (with sales of $355 million, will pay approximately $93 million for all outstanding stock of Hicking Pentecost, with sales of about $200 million). The acquisition is expected to foster American & Efrid's expansion in Europe, the Indian subcontinent and East Asia. It is not expected, however, to have much effect on Harris Teeter. "It was simply a great opportunity for us to diversify and grow," Katherine Kenney, Ruddick's vice president, investor relations, told SN.
Ruddick Corp., Charlotte, N.C., parent of Harris Teeter here, said last week it has reached an agreement for its other principal subsidiary, American & Efrid, a leading manufacturer and distributor of industrial apparel thread, to purchase a leading British manufacturer of industrial non-apparel thread. Ruddick's American & Efrid (with sales of $355 million, will pay approximately $93 million for
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