American & Efird to Make Offer for Hicking Pentecost.

CHARLOTTE, N.C.--(BUSINESS WIRE)--June 4, 1999--

Ruddick Corporation (NYSE:RDK) today announced that it has reached an agreement with Hicking Pentecost PLC (London:HKIN) on behalf of its wholly owned subsidiary, American & Efird, Inc., regarding a recommended cash offer to acquire all of the issued and outstanding shares of Hicking Pentecost for 1.75 pounds per share. The bid/ask midpoint of Hicking Pentecost stock on the London Stock Exchange on June 3, 1999 was 1.275 pounds. The value of the diluted share capital of Hicking Pentecost was estimated at approximately 58 million pounds, which, at current exchange rates, equals approximately $93 million.

Hicking Pentecost is a publicly traded, U.K.-based company whose key business, Barbour Threads, manufactures industrial threads. It produces and sells a full spectrum of non-apparel industrial thread for the footwear, automobile, household goods, sports and leisure and industrial products markets, both in the United States and worldwide, and accounts for approximately 70% of the total sales of Hicking Pentecost. Hicking Pentecost also operates a Knitwear division which manufactures and dyes knitwear products and an Industrial Products division which manufacturers water storage tanks and distributes pipes, valves and fittings for the construction and water industries. Sales for Hicking Pentecost's fiscal year ended March 31, 1999 totaled approximately $200 million.

"We believe that this is an excellent opportunity to expand American & Efird's product range, client base and global reach while yielding significant economies of scale across the combined group," said Thomas W. Dickson, President of Ruddick Corporation. American & Efird is a leader in the manufacture and distribution of sewing thread for use in worldwide industrial and consumer markets. American & Efird's sales of industrial thread for use in apparel products represents approximately 70% of total sales. The remaining sales are to manufacturers of automotive materials, home furnishings, medical supplies and footwear. For Ruddick Corporation's fiscal year ended September 27, 1998, American & Efird's sales were $355 million.

American & Efird President Fred A. Jackson said, "The companies clearly complement each other from a number of perspectives." While American & Efird has maintained a significant position in apparel thread, Hicking Pentecost has a corresponding position in non-apparel thread. The acquisition of Hicking Pentecost will facilitate American & Efird's expansion in Europe, the Indian subcontinent and the Far East, as well as accelerate the growth of its customer base beyond the apparel segment. "Global expansion, product line diversification and the ability to more efficiently service our customers utilizing both companies' sales and distribution networks are important benefits of this combination," concluded Jackson.

The offer is subject to a number of conditions, including the tender of 90%, or such lesser percentage as Ruddick may elect, of Hicking Pentecost's outstanding shares and approval by the appropriate regulatory authorities. It is presently anticipated that the offer will commence within the next 28 days and is expected to be completed in approximately three months.

This news release does not constitute an offer or invitation to purchase any securities, directly or indirectly, in the United States. This news release may contain forward-looking statements that involve uncertainties. A discussion of various important factors that could cause results to differ materially from those expressed in such forward-looking statements is shown in reports filed by the Company with the Securities and Exchange Commission and include: generally adverse economic and industry conditions; changes in the competitive environment; economic or political changes in countries where the Company operates; the passage of future adverse tax legislation; management's ability to predict the adequacy of the Company's liquidity to meet future requirements; changes in the Company's capital expenditures and store openings and closings; and the non-availability of resources for the Company to complete its Year 2000 compliance effectively.

Ruddick Corporation is a holding company with sales in fiscal year ended September 27, 1998 of $2.5 billion. It operates two subsidiaries: Harris Teeter, Inc., a regional chain of supermarkets in six southeastern states and American & Efird, Inc., a leading manufacturer and distributor of industrial sewing thread.

For more information on Ruddick Corporation, visit our web site at: http://www.ruddickcorp.com.