MOLSON PULLS OUT OF HOME IMPROVEMENT BUSINESS
By Adnews Staff
Toronto-based Molson Companies Ltd. has sold its 25% interest in The Home Depot Canada to The Home Depot Inc. of Atlanta for $375 million. The move means The Home Depot Inc. owns 100% of the Canadian operation. Molson decided to sell its share in the home improvement warehouse business to focus on its beer operations. The Home Depot Canada partnership was formed in February 1994 when Molson contributed its Aikenhead's hardware business in return for a 25% interest in Home Depot Canada and $217 million in cash. The Molson Companies Ltd. has a 50% partnership in Molson Breweries, a 24.95% interest in the Coors Canada partnership and a 24.95% stake in Molson USA.
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