The Kroger Co. (NYSE:KR) is planning to acquire the Harris Teeter

1266

Dallas, Texas 07/10/2013 (Financialstrend) – The Kroger Co. (NYSE:KR), one of the largest traditional supermarkets, is planning to acquire the Harris Teeter supermarket chain for approximately $2.5 billion. The Kroger Co. (NYSE:KR) operates over 2419 stores in 31 states and owns the Ralphs, Fry’s and Food 4 Less brands, in addition to its flagship brands. Kroger Co. (NYSE:KR) adds more than 212 stores across the mid-Atlantic states, a dairy facility and a couple of distribution centers, along with around $4.5 billion of sales revenue.

The Kroger Co. (NYSE:KR) is currently on a recruitment spree to add up more than 200 associates to its employee strength. The Kroger Co. (NYSE:KR) has invested about $380 million in capital improvements during the last five years and plans to continue its aggressive stance in the future by investing $110 million within the state in 2013. The acquisition of the Harris Teeter supermarket chain is the fourth largest acquisition in the past decade for The Kroger Co. (NYSE:KR).

After reaching the intraday high price of $37.32, the share price of The Kroger Co. (NYSE:KR) closed at $37.15 with an intraday low price of $36.55. The share price of The Kroger Co. (NYSE:KR) increased by 2.65 percent, closing on Tuesday at $36.55. The 52-week low price of The Kroger Co. (NYSE:KR) is $20.98 and the 52-week high price stood at $37.32. With 514 million total outstanding shares, the market capitalization of The Kroger Co. (NYSE:KR) is $19.10 billion. The intraday share trading volume for yesterday was 7.28 million, whereas the average trading volume of The Kroger Co. (NYSE:KR) heads up to 3.97 million. Institutional ownership in The Kroger Co. (NYSE:KR) records a contribution of 82 percent of the company’s total outstanding shares.