Aryzta completes purchase of Maidstone Bakeries
ZURICH, SWITZERLAND — Aryzta AG has completed the acquisition of the 50% interest in Maidstone Bakeries from Tim Hortons for C$475 million ($466 million). 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 chief executive officer.