Albertson's, Inc. to Acquire Smitty's Super Markets, Inc., of Missouri.
Smitty's is one of the largest grocery store operators in the Springfield and Joplin, Missouri, 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 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 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. The Boise, Idaho 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.
CONTACT: Albertson's, Inc., Boise, Idaho
Investor Relations --
A. Craig Olson 208/395-6284
Renee Bergquist 208/395-6622
News Media --
Mike Read or Jenny Enochson, 208/395-6392
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|Date:||Mar 13, 1998|
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