Asian plans for Ruddick’s technical threads subsidiary
Ruddick Corporation—a holding company with two primary operating subsidiaries: American & Efird, Inc., (A&E), a manufacturer and distributor of thread and specialty engineered yarns and Harris Teeter, Inc., a chain of supermarkets—has reported that consolidated sales for the second quarter ended March 30 increased by 9.4% to $976 million from $892 million in the second quarter of fiscal 2007.
A&E sales were $82.5 million for the second quarter compared with $86.3 million in the second quarter of 2007 and were $162.6 million for the 26 weeks ended March 30 compared with $170.8 million in the 26-week period ended April 1, 2007. Foreign sales accounted for approximately 55% of A&E's 2008 sales compared with foreign sales of approximately 54% in 2007 for both the quarterly and the 26-week periods.
Chairman of the board, president and chief executive officer, Thomas Dickson, said: "We remain committed to our strategic plans that will transform A&E's business to a more Asian-centric global supplier of sewing thread, embroidery thread and technical textiles.
"As part of these plans, on April 7, 2008, we completed the previously announced joint venture with Vardhman Textiles Limited, to manufacture, distribute and sell sewing thread for industrial and consumer markets within India and for export markets. A&E will own 35% of the joint venture with an option to acquire an additional 14% over the next five years."
