International Business

Cincinnati -- The Kroger Co. has reached an agreement to purchase all outstanding shares of Harris Teeter Supermarkets for $49.38 per share in cash, or about $2.5 billion. Kroger will finance the transaction with debt and also assume about $100 million of debt from Harris Teeter.

Harris Teeter operates 212 stores in North Carolina, Virginia, South Carolina, Maryland, Tennessee, Delaware, Florida, Georgia and the District of Columbia primarily in the Carolinas. The company had revenues of approximately $4.5 billion for fiscal year 2012.

New Orleans -- Smoothie King Franchises is targeting the Jacksonville, Fla., metro area to kick off a major expansion calling for 1,000 new franchised and corporate locations over the next five years.

With seven stores in Jacksonville, the company plans to add 10 new locations there over the next three years.

To fuel the national expansion drive, Smoothie King is offering candidates 40% off of its initial franchise fee for the first 40 agreements of 2013 — a savings of $10,000.

Net sales at WD-40 Co. increased 7% in the third quarter, as the company's multi-purpose maintenance products showed double-digit growth.

WD-40 sales were $93.1 million in the quarter ended May 31, compared to sales of $87.0 million in the year-ago period. Net income for the third quarter was $10.3 million, up 12%.

Mississauga, Ont. -- Target plans to open the doors to an additional 20 stores in Canada between July 16 and July 30. The stores will be located in in British Columbia, Alberta, Saskatchewan and Ontario
 
The openings mark Target’s first openings in Saskatchewan and follow the unveiling of 48 stores across Canada earlier this year. The new 20 locations officially push Target past the halfway mark for store openings this year. The retailer plans to open 124 stores across Canada throughout 2013.

New York -- Australian swimwear brand Seafolly will open its first U.S. freestanding store in October, Women’s Wear Daily reported.

The company will open a 1,800-sq.-ft. location in Fashion Island mall, in Newport Beach, Calif. Seafolly has been selling its goods at select stores in the United States for about five years. It also does an exclusive line for Nordstrom, the report said.

New York -- The co-founder of Target, Douglas Dayton, died Saturday after a long battle with cancer. He was 88.

With his four brothers, Dayton took over and reshaped the Dayton Co., which was founded by their grandfather, George Draper Dayton, as Dayton’s department store in Minneapolis.

MORRIS TOWNSHIP, N.J. — Honeywell chairman and CEO Dave Cote has been named CEO of the Year by Chief Executive Magazine. Cote will be featured on the cover of the magazine’s July issue as well as on ChiefExecutive.net.

The award recognizes the transformation of Honeywell under Cote’s leadership throughout the past decade. During that time, Honeywell has increased sales by 71% to $37.7 billion and has consistently outperformed the S&P 500 during that timeframe.

Parsippany, N.J. -- Budget Car Rental and Simon Property Group have combined forces to market to Latin American travelers. When these travelers book a Budget car in Boston, Miami, New York City and Orlando, they will receive a shopping voucher that can be redeemed for a package of coupons, discounts and other special offers at Simon destinations in those cities:

Burlington Mall and Wrentham Village Premium Outlets in Boston

Dadeland Mall, The Falls, Miami International Mall and Sawgrass Mills in Miami

Minneapolis – Target has named former U.S. Senator and Secretary of the Interior Ken Salazar to its board of directors.

Salazar, 58, was a US Senator from Colorado from 2005 to 2009. He was named Secretary of the Interior in January 2009 and stepped down in April 2013. Last month, he became a partner for the international law firm WilmerHale. Salazar is the 12th member of Target's board.

Mary Dillon resigned from the board of directors of Target last month after she was named CEO of Ulta Salon, Cosmetics & Fragrance Inc.

Meriden, Conn. – Vestis Retail Group, parent company of Bob’s Stores and Eastern Mountain Sports (EMS), has named James Petty as CEO effective July 8, 2013. Petty most recently served as president of retail stores for Cartier Inc. from 2007 to December 2012 and left the company after it relocated its retail group headquarters from Connecticut to Georgia. He also previously held executive positions at Limited Too and Gap Inc.