Wendy's to spin off Tim Hortons

July 30, 2005 at 6:23 PM
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DUBLIN, Ohio, July 30 (UPI) -- After of 10 years of control by a U.S. company, Wendy's International, Tim Hortons may come under Canadian control again.

"It's good to hear that Tim's will possibly be coming back to being a Canadian operation," Ken Smith, a customer at Tim Hortons in central Ottawa, told the New York Times.

John T. Schuessler, the chief executive of Wendy's, based in Dublin, Ohio, said it was an opportune time for divestment of the Ontario-based chain of 2,700 coffee and doughnut shops -- which has turned into a fast-food restaurant -- started by and named after Toronto Maple Leafs legend Tim Horton.

Schuessler said the initial public offering -- it will be listed on the Toronto Stock Exchange -- might be completed by next March. While Wendy's might retain control of stock, it might also completely divest itself of Tim Hortons.

Tim Hortons has 70 percent of Canada's coffee market and 26 percent of all fast food sales in Canada. It has 240 outlets in the United States.

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