TORONTO — American burger giant Wendy’s International Inc. is expected to spin-off a 15 per cent stake in Tim Hortons this week, and curious observers are watching to see how many of the shares will land in Canadian hands.
The stock will be listed on both the New York Stock Exchange and the Toronto Stock Exchange, but the vast bulk of Tim Hortons’ coffee sales still occur north of the border, where the chain has strong roots.
The company got its start in Hamilton in 1964, when National Hockey League defenceman Tim Horton opened his first coffee and doughnut shop.
Ron Joyce, who became franchisee of that first store, joined Horton as a full partner in 1967, when he was already operating three locations. The two opened 37 new restaurants together over the following seven years.
When Horton died in a car accident in 1974, Joyce took over as sole owner and continued the expansion.
Two years later, he introduced Timbits _ little balls of doughnut that look like the doughnut hole.
Subsequent years saw muffins, cakes, pies, soups and chilli added to the menu.
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