8 August 2008 - Canadian coffee chain Tim Hortons yesterday announced that it invested $33.6 million in capital expenditures in the second quarter, and $66.1 million year-to-date, primarily on its restaurant expansion program and renovations.
As part of its vertical integration strategy, the Company also said that it will build a new coffee roasting facility, which will be located in southern Ontario.
Tim Hortons will invest approximately $30 million in this facility, mainly next year. When the southern Ontario plant will be fully operational, total internal coffee production will be brought to about three-quarters of the system's needs.
"Protecting the quality, integrity and supply of our proprietary coffee blend from tree to cup is essential to our long-term success. Consistent with our vertical integration investment strategy, the new coffee roasting facility will provide significant system benefits important to the collective success of our store owners and the Company. It will also help ensure we continue to consistently serve great tasting coffee to our customers every day," said Cynthia Devine, Chief Financial Officer in yesterday's statement.