Ruddick Corp. has sold its thread-making subsidiary and now wants its corporate name to reflect its remaining line of business, the Harris Teeter grocery chain. The company filed with the Securities and Exchange Commission recently its intention to seek shareholder approval to be known as Harris Teeter Supermarkets Inc., reports the Business Journal. Investors also will find shares trading under a new symbol. The company intends to file with the New York Stock Exchange to use HTSI for the ticker, dropping RDK. The request for a new name is part of a proxy statement prior to the Feb. 16 annual meeting.
For more than 50 years, Ruddick had operated two subsidiaries—the grocery chain and American & Efird Corp.—until the November sale of the latter, according to the Journal. The company’s board believes a new name “better describes its current operating activities and long-term strategic focus than the current name, and believes that ‘Harris Teeter’ represents a strong tradition of quality and focus on customer service,” according to the proxy statement. The company urges shareholders to approve the change.
Charlotte, N.C.-based Ruddick operates 204 Harris Teeter stores, including 20 stores in the Triad and a distribution center in Greensboro.
