Brinker International Signs Coinvestment Deal With CMR
DALLAS, Nov. 12 /PRNewswire-FirstCall/ -- Brinker International, Inc. (NYSE: EAT) announced an agreement with CMR for the joint investment in a new corporation to develop Chili's Grill & Bar(R) and Maggiano's Little Italy(R) brands in Mexico.
Under the agreement, CMR and Brinker will jointly contribute to the new company for the development of at least 50 restaurants over the next four years. The companies expect five restaurants to begin operating in calendar year 2007 and nine more to open by the end of 2008.
This important transaction significantly contributes to our objectives of accelerated growth, and it allows us to partner with one of the global leaders in the restaurant industry. This agreement expands our portfolio of winning brands including Chili's and Maggiano's, restaurants that have proven very successful in the U.S., said Jose Antonio Fernandez, Chief Executive Officer of CMR.
CMR has been a respected business partner of ours for more than 10 years and Brinker is pleased to finalize this agreement with them, said Greg Walther, President of Global Business Development for Brinker International. The deal will call for a tremendous amount of growth for two of our renowned restaurant brands. Our guests in Mexico have already become loyal fans of Chili's, and we are excited to introduce another unique dining experience with Maggiano's Little Italy.
This month, Brinker expects to open its 50th Chili's location in Mexico.
Brinker International, Inc. is one of the world's leading casual dining restaurant companies, serving more than 1 million guests daily. Founded in 1975 and based in Dallas, Texas, Brinker owns or franchises more than 1,800 restaurants in 24 countries and employs more than 120,000. Brinker restaurant brands include Chili's Grill & Bar, Romano's Macaroni Grill(R), On The Border Mexican Grill & Cantina(R) and Maggiano's Little Italy. The company was named one of FORTUNE Magazine's Most Admired Companies in 2006 and was honored by the magazine as one of the Top 50 Employers for Minorities and the Top 50 Employers for Women. For more information visit http://www.brinker.com.
CMR (BMV: CMRB), the leading multi-format restaurant chain in Mexico, operates 95 restaurants in several Mexican cities under, among others, the brands: Wings, Meridien, Fonda Mexicana, Los Almendros, La Destileria and El Lago, in addition to the aforementioned Chili's Grill & Bar restaurants.
Contact: Media Relations
(800) 775-7290 SOURCE Brinker International, Inc. -0- 11/12/2007 /CONTACT: Media Relations of Brinker International, Inc., 800-775-7290/ /Web site: http://www.brinker.com / (EAT) CO: Brinker International, Inc.; CMR; Chili's Grill & Bar; Maggiano's Little Italy ST: Texas, Mexico IN: RST SU: JVN CS-AP -- LAM088 -- 8714 11/12/2007 17:00 EST http://www.prnewswire.com