Ruddick Corporation Subsidiary American & Efird Signs a Joint Venture Agreement with Vardhman Textiles Limited in India
Ruddick Corporation (NYSE:RDK) announced that its sewing thread subsidiary, American & Efird, Inc. (A&E), has signed a joint venture agreement with Vardhman Textiles Limited (Vardhman) to manufacture, distribute and sell sewing thread for industrial and consumer markets within India and for export markets. The agreement is subject to various customary conditions to closing and is expected to be completed in April 2008. A&E will own 35% of the joint venture with an option to acquire an additional 14% over the next 5 years. Financial terms of the deal were not disclosed.
Original post by no@spam.com (Maxamillion Blick)