Bangkok--Oct 12--Minor Group
New York, New York. The Pizza Public Company Limited and Tricon Global Restaurants, Inc. announced today that they have reached a mutually acceptable settlement of their disputes. Both parties agree that the settlement is in their mutual best interests and the best interest of the Thai public.
As a result of the settlement, Pizza Pcl will continue to operate the 116 Pizza Hut franchised outlets in Thailand through this year, and expects to commence operations as The Pizza Company early next year after a reasonable transition period.
Tricon will continue operating its existing Company-owned Pizza Hut outlets in Bangkok and throughout Thailand this year and expects aggressively to expand without restrictions its presence in Thailand over the next year.
The settlement provides that all claims by both parties in the United States and Thailand will be withdrawn. No settlement monies will be paid by either party.
Peter Hearl, Executive Vice President of Tricon Restaurants International, said “We are pleased with the outcome of the settlement. Tricon can now turn its full attention to expanding our Pizza Hut presence in Thailand and serving our Thai customers.”
William Heinecke, Chairman and CEO of Pizza Pcl, stated, “We are proud of our accomplishments during our 20-year association with the Pizza Hut brand and look forward to the launch of our new The Pizza Company restaurants.”
For further information, please contact Mr. James W. Kennedy or Mr. Steven Johnson at (212)-318-6000. End.
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