This is a financially and strategically compelling transaction and a unique opportunity for our shareholders and associates. We look forward to bringing together the best of Kroger and Harris Teeter while continuing to operate and grow the Harris Teeter brands." Thomas Dickson, Harris Teeter's chairman and CEO, said, "We are excited about becoming part of The Kroger Co., one of the best food retailers in the U.S. while maintaining the Harris Teeter banner, our management teams, our new store growth plan, our distribution and manufacturing facilities in North Carolina as well as our headquarters in Matthews, NC." Kroger expects to achieve annual cost savings of up to $50 million over the next three or four years due to improved economies of scale as a result of the deal. Harris Teeter has faced increased competition in recent years with expectations for more to come. As RetailWire reported in January, Publix has begun moving into Teeter's territory.