Tim Hortons announces the completion on October 29th, 2010 of the sale of its 50% joint venture interest in Maidstone Bakeries
Tim Hortons (TSX: THI, NYSE: THI) today announced the Company plans to complete the sale of its 50% interest in Maidstone Bakeries on October 29th, 2010 to Aryzta AG for gross proceeds of $475 million.
Information on the total net cash proceeds from the sale, the final accounting gain and the intended use of proceeds will be disclosed with our third quarter earnings announcement scheduled for November 11th, 2010.
Maidstone Bakeries provides Timbits™, donuts, pastries and certain bread products for the Tim Hortons restaurant system. Under terms of the sale, Tim Hortons continues to retain supply chain sourcing and pricing commitments for donuts and Timbits™ that extend until early 2016, and supply rights for these products until 2017 at our option.
"Strategic flexibility, protection of our supply chain for our restaurant owners relating to donuts and Timbits™ and a strong return on our investment have all been secured through this transaction and we are pleased to have completed this important milestone in the sale process," said Don Schroeder, president and CEO.
Logos, product and company names mentioned are the property of their respective owners.
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