Hy-Vee buys stake in store-construction joint venture
WEST DES MOINES, Iowa — Hy-Vee is taking over a construction company that builds its stores and related facilities, the supermarket chain said Friday.
Hy-Vee said it would buy the Weitz Co.'s interest in Hy-Vee Weitz Construction, a joint venture it entered in 1995 to complete Hy-Vee construction projects more efficiently and economically. Financial terms of the deal were not disclosed.
"The partnership between Hy-Vee and the Weitz Co. has been very successful and rewarding for both companies over the last 17 years," Hy-Vee president, chairman and CEO Randy Edeker said. "As we approach the end of our original operating agreement, it presents us with an opportunity to expand with our own in-house construction management group."
The company will be renamed Hy-Vee Construction and retain its current headquarters and employees, including president Brad Strehlow.