WATERLOO, Ont.—Brick Brewing Co. Ltd. has sold its historic Waterloo, Ont., brewery in a bid to consolidate its manufacturing operations.
According to the Canadian-owned and operated beer maker, it signed a deal with real estate developer HIP Developments to sell its King Street property for $4 million.
The King Street facility, which the company converted to a brewery when it was founded in 1984, was built in 1839 and was previously a furniture factory that during World War II made seats for Royal Canadian Air Force (RCAF) fighter aircraft.
HIP Developments is expected to pursue re-development of the site.
Once the deal closes, Brick said it will lease the property back from HIP Developments while it completes an expansion project at its Bingemans Centre Drive location in Kitchener, Ont., allowing it to consolidate its operations in one facility.
“(T)his transaction will enable (the) expansion of operations at our Kitchener location and begin the consolidation (of) our operating facilities,” company president and CEO George Croft said in a statement.
“The Kitchener expansion represents a major investment by the company and will allow Brick to realize continued improvement in our operating efficiencies … This action will, in no way, disrupt our service to consumers.”
Brick expects the deal to close in the third quarter of 2014.