CANADA: priszm brandz acquires 50 additional Pizza Hut Restaurants - will build 50 more
These acquisitions - combined with the 44 Pizza Hut Restaurants already acquired earlier this year, other transactions under Letters of Intent, and the 50 new Pizza Hut Restaurants priszm will open over the next 12-18 months - will result in priszm owning and operating well over 70% of the Pizza Hut system in Canada. priszm is targeting roughly 300 Pizza Hut Restaurants and points of distribution by the end of 2002.
priszm brandz will commit substantial investment capital to the Pizza Hut brand to ensure that there are the appropriate number of restaurants to meet the needs of customers for fast, speedy delivery and its excellent range of quality pizzas, including the world's best-selling pizza - Pan Pizza..."All the Best Pizzas Under One Roof".
"We have the scale and market power to really serve our customers properly," said John Bitove, Chairman of priszm. "with over 70% of KFC restaurants in Canada, control of both brands in many of the major markets across the country as well as Taco Bell in selected markets, priszm will be able to leverage the best people, real estate, and marketing to provide the exceptional quality, value and service customers across Canada expect of these three great brands."
In November, priszm will move into its new 60,000-square foot office building in Vaughan Township north of Toronto that will contain full-scale test kitchens designed to develop and test new products unique to Canada for all three brands.
"We intend to take back the pizza market dominance once held by Pizza Hut in every market we are in. We will do this by giving Canadian consumers our great traditional pizzas combined along with a stream of new product ideas, delivered quickly, and at a value point that our customers want," said Jon Prinsell, priszm's Vice Chairman and CEO and President of Tricon Canada.
priszm brandz is Canada's largest owner and operator of restaurants with 750 (after these acquisitions) and is on track for over 800 by the end of 2002. priszm has annual revenues of over $700 million, serving 60 million Canadians a year in over 415 communities.
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