DIVESTITURE

Bob Evans sells Mimi’s Cafe business

NEW YORK — Bob Evans Farms Inc. said Tuesday that it agreed to sell its Mimi’s Cafe restaurant chain to LeDuff America Inc. for $50 million.

Mimi’s Cafe is a French-inspired casual dining restaurant with 145 locations in 24 states, primarily in the West and Southwest.

LeDuff America, based in Dallas, owns cafes and related manufacturing in North America. Its cafes include La Madeleine Country French Cafe, Brioche Doree, Bruegger’s Bagels, Timothy’s Coffee and Michel’s Baguette.

LeDuff is a unit of Groupe LeDuff SA, which is based in France.

The sale price includes $20 million in cash and a note for $30 million. The deal, which is subject to customary closing conditions, is expected to be completed within the next 45 days.

Bob Evans Farms, based in Columbus, operates about 565 Bob Evans family restaurants in 19 states, mainly in the Midwest, mid-Atlantic and Southeast. The company also produces and sells pork sausage and other products under the Bob Evans and Owens brand names. ASSOCIATED PRESS

EARNINGS

Illinois Tool Works earnings more than double

GLENVIEW, Ill. — Industrial equipment maker Illinois Tool Works’ fourth-quarter net income more than doubled, driven by a large gain from the sale of its decorative services unit. Its adjusted results met analysts’ estimates.

The Glenview, Ill., company earned $979 million, or $2.11 per share, for the three months ended Dec. 31. That’s up sharply from $442 million, or 91 cents per share, a year earlier.

Excluding the gain tied to the unit sale and other items, earnings from continuing operations were 89 cents per share.

That met the expectations of analysts surveyed by FactSet.

Operating revenue fell 2 percent to $4.22 billion, hurt by unfavorable foreign currency translation and the sale of the decorative services division.

The results still beat Wall Street’s forecast of $4.16 billion.

ITW makes Hobart food equipment in Troy. ASSOCIATED PRESS

RETAIL

Burger restaurant to open at Cincinnati casino

Television personality and cookbook author Bobby Flay will open his first Ohio restaurant at the downtown Cincinnati casino opening March 4, casino operators announced Tuesday.

Flay will open his 14th location for Bobby’s Burger Palace at Horseshoe Casino Cincinnati. Other restaurants opening at the casino are Jack Binion’s Steak and Jimmy Buffett’s Margaritaville, which were already announced.

Bobby’s Burger Palace will be 3,500-square-feet located inside the casino adjacent to the gaming floor with seating for about 90 people, according to casino officials.

The menu features 10 signature burgers and a BBP ‘Burger of the Month.’ STAFF REPORT