Newspaper article St Louis Post-Dispatch (MO)

Wendy's Buys Tim Hortons

Newspaper article St Louis Post-Dispatch (MO)

Wendy's Buys Tim Hortons

Article excerpt

Wendy's International Inc. said Tuesday it will acquire Tim Hortons, Canada's largest chain of coffee and doughnut shops, for more than $400 million.

"The merger with Tim Hortons instantly expands and strengthens Wendy's market presence in Canada," said Gordon Teter, Wendy's president and chief executive.

The combined company will have more than 1,186 restaurants in Canada. Worldwide, its network will expand to more than 5,500 outlets, with 1995 annual sales of more than $5 billion.

Wendy's, based in Dublin, Ohio, has 1,283 company-owned and 3,220 franchised restaurants in 34 countries. It had earnings of $97.1 million on sales of $1.4 billion last year.

Wendy's stock closed $1 higher at $18.50 on the New York Stock Exchange.

Analysts said that Hortons' breakfast muffins, doughnuts and other baked goods nicely complement Wendy's focus on lunch and dinner.

Wendy's said it plans to focus on operating the two chains separately and will add 20 units this year and 30 a year subsequently. …

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