The Montreal Gazette reports that Tim Hortons Inc. said Thursday it will complete the sale of its 50 per cent interest in Maidstone Bakeries on Friday.

The sale of the baked-goods producer to Switzerland’s Aryzta AG, which already owned the other half, will result in proceeds of $475 million for Tim Hortons.

Brantford, Ont.-based Maidstone Bakeries provides doughnuts, pastries and breads for Tim Hortons, and it will continue to do so until at least 2016 under a supply arrangement.

Montreal Gazette