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Ocado shares surge as Kroger to pay $350m for CFC closures
(Sharecast News) - US supermarket chain Kroger is to pay $350m in compensation to Ocado for the closure of three automated warehouses using its technology, the UK online grocer said on Friday, with the news sending its shares soaring. The payment also reflects Kroger's decision not to proceed with another customer fulfilment centre in Charlotte, North Carolina, one of the two planned CFCs due to go-live in 2026.
Ocado earlier this month said Kroger's decision to fulfil online orders from its own stores in highly populated areas would cost it $50m in lost licensing fees.
The decision saw Ocado shares slump by 17%. Ocado and Kroger's original plans were to develop 20 automated distribution centres, where robots pick, transport and pack groceries, over three years. On Friday Ocado stock was up 10% at one stage.
Reporting by Frank Prenesti for Sharecast.com
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