Albertson's, Inc. to Acquire Smitty's Super Markets, Inc., of Missouri.BOISE, Idaho--(BUSINESS WIRE)--March 13, 1998--Albertson's, Inc. (NYSE NYSE
See: New York Stock Exchange :ABS) announced today that it has entered into an agreement to acquire Smitty's Super Markets, Inc. (Smitty's), subject to the satisfactory completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and other conditions. Albertson's also indicated that the controlling shareholders of Smitty's have granted Albertson's an option to acquire their stock and have agreed to vote in favor of the acquisition.
Smitty's is one of the largest grocery store operators in the Springfield and Joplin, Missouri Joplin is a city located in parts of southern Jasper County and northern Newton County in the southwestern corner of Missouri. Joplin is the largest city in Jasper County, though it is not the county seat. , areas. Smitty's operates 10 combination stores with an average store size of over 70,000 square feet. In addition, two of the sites have fuel centers with convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. averaging 2,100 square feet and a third fuel center is scheduled to open in April.
"This acquisition will be a significant strategic market entry opportunity for Albertson's," said Gary Michael, Chairman and Chief Executive Officer of Albertson's. "The Springfield and Joplin areas are markets that we have targeted for entry and this acquisition will give us a significant market position. This transaction accelerates our entry into the Southwest Missouri market area by several years.
"We expect this transaction to allow us to combine forces with a company that operates large stores and has a strong reputation for providing outstanding customer service and quality products at competitive prices. For this reason, Albertson's looks forward to having these employees as part of our team and intends to retain the Smitty's banner. We expect this acquisition to provide the foundation for Albertson's to continue to grow in these and the surrounding markets."
Mr. Michael concluded, "As our series of recent acquisition announcements clearly demonstrates, Albertson's is actively looking for Looking for
In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. appropriate acquisitions which create profitable opportunities for growth. This transaction fits our strategy to accelerate top line growth, increase profitability and enhance shareholder value."
Albertson's, Inc. is one of the largest retail food-drug chains in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Boise, Idaho “Boise” redirects here. For other uses, see Boise (disambiguation).
Boise is the capital and most populous city of the U.S. state of Idaho. It is the county seat of Ada County and the principal city of the Boise metropolitan area. based company currently operates 893 retail stores in 21 Western, Midwestern and Southern states.
Forward-looking statements in this news release, if any, are not updated to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause actual results to differ from those set forth in the forward-looking information can be found in the Company's Form 10-Q Form 10-Q
See 10-Q. .
CONTACT: Albertson's, Inc., Boise, Idaho
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