Tim Hortons has announced it will complete the sale of its 50 percent interest in Maidstone Bakeries on Oct. 29 to Aryzta AG for a gross sale of $475 million. Information on the total net sale will be announced Nov. 11 in an earnings report.
Maidstone Bakeries provides Timbits, donuts, pastries and other bread products to the Tim Hortons restaurant system. Under the terms of the sale, Tim Hortons will retain supply chain sourcing and price commitments for donuts and Timbits until 2016 and until 2017 for the supply rights.
"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 of Tim Hortons.
