Morrisons, the U.K.'s fourth-largest food retailer, has snapped up a stake in U.S. on-line grocer FreshDirect.The UK firm has paid $51.6 million for a "circa" 10% stake in FreshDirect, which supplies customers in New York, New Jersey and Connecticut.
Morrisons said that the investment in FreshDirect would "play a key role" in the development of its on-line food business in the U.K. Under the plans, FreshDirect is also set to receive a "minority economic interest" in the London on-line operation that Morrisons is planning.
Morrisons said FreshDirect shared its "strong focus" on "quality fresh foods, outstanding customer service and competitive pricing."
No comments:
Post a Comment