TORONTO, May 10, 2017 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) ("CTC") announced today that it has entered into an agreement to acquire Padinox Inc., the company which owns the Canadian rights to the Paderno brand.
Paderno is a well-known kitchenware brand with strong roots in Canada and holds a reputation for excellence in craftsmanship and quality. This brand, coupled with Canadian Tire's strength in product development and marketing, will play a central role in Canadian Tire's new cooking innovations and expanded Kitchen assortment.
As part of the transaction, the manufacturing and wholesale distribution operations of Padinox Inc., based in PEI, are being sold to Meyer Canada. Meyer is the largest distributor of cookware and related kitchen products in North America, and the second largest cookware manufacturer globally.
"Owning our own brands provides us with a competitive edge and we are thrilled to add Paderno to our portfolio of world-class brands," said Allan MacDonald, President of Canadian Tire Retail. "As a product-driven Company, we are passionate in our belief that exclusive brands with a pipeline of well-designed and innovative products, will continue to set us apart in providing our customers with what they need for the Jobs and Joys of Life in Canada. We are also very pleased to work closely with Meyer, a long-time vendor partner of ours, to grow the Paderno brand in Canada."
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects management's current expectations regarding future events and acquisitions. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, changes in economic and market conditions, and other risks and uncertainties discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time, including section 2.10 (Risk Factors) of our Annual Information From for fiscal 2016 and sections 7.2.4 (Retail segment business risks) and 12.0 (Enterprise Risk Management) and all subsections thereunder of our Management's Discussion and Analysis for fiscal 2016, as well as the Company's other public filings, available at www.sedar.com and at www.corp.canadiantire.ca. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
ABOUT CANADIAN TIRE CORPORATION
Canadian Tire Corporation, Limited, (TSX:CTC.A) (TSX:CTC) or "CTC," is a family of businesses that includes a retail segment, a financial services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal categories. PartSource and Gas+ are key parts of the Canadian Tire network. The retail segment also includes Mark's, a leading source for casual and industrial wear, and FGL Sports (Sport Chek, Hockey Experts, Sports Experts, National Sports, Intersport, Pro Hockey Life and Atmosphere), which offers the best active wear brands. The approximately 1,700 retail and gasoline outlets are supported and strengthened by our Financial Services division and the tens of thousands of people employed across the country by the Company and its local dealers, franchisees and petroleum retailers. For more information, visit Corp.CanadianTire.ca.
SOURCE CANADIAN TIRE CORPORATION, LIMITED
