MOLSON SELLS BEAVER LUMBER TO FOCUS ON CORE BREWING BUSINESS
By Adnews Staff
Molson Inc. of Montreal is out of the hardware business after selling the Beaver Lumber chain to Home Hardware Stores Limited of St. Jacobs, Ontario. Molson sold the business for $68 million in cash and debt. The move by Molson is part of the company's strategy to return to its core brewing business, said the company. Molson plans on using the proceeds of the sale of Beaver Lumber to reduce debt. The transaction is expected to close by September 30, 1999, subject to the approval of the Competition Bureau.
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