Ruddick SubsidiaryExpands China Operations
American & Efird Inc. (A&E), a subsidiary of Charlotte, N.C.-based Ruddick Corp., has acquired an 80 percent ownership stake in thread spinning company Jimei Spinning Co. Ltd., Hengshui City, Hebei Province, China. Jimei was created from the operations of Hengshui Yuanda Group Co. Ltd. (Yuanda). A&E also acquired an additional 20-percent share in its joint spinning venture Hengmei Spinning Co. Ltd. (Hengmei), Hengshui City, China. The acquisition brings A&E’s total ownership share in Hengmei to 80 percent.The remaining stake in the company is owned by A&E’s joint venture partner Hengshui North Thread Industry Co.(North Thread). Simultaneously,North Thread has entered into an agreement with Yuanda to acquire the remaining 20-percent ownership interest of Jimei. An efficient and unified thread spinning operation will be created as ownership of the combined companies now will be consolidated between A&E and North Thread. “The acquisition of Jimei will expand A&E’s thread yarn capacity to support our growing needs in Asia,”said Fred A.Jackson, president,A&E.“We plan to continue to support the current Jimei customers and utilize a part of the production capacity within our global supply chain.”
November/December 2005