$600 million CAD investment will double the size and workforce of its Coaldale, Alberta processing facility
TORONTO, March 13, 2023 /CNW/ – McCain Foods is making a substantial investment in Coaldale, doubling the size of its facility and output in Coaldale, Alberta.
The project is a significant economic boost for the region that will create 260 new jobs. The investment is reflective of McCain’s strong business growth and reconfirms the company’s commitment to food production and agriculture in Canada.
“The development in Alberta marks our largest global investment in our 65-year history, totalling $600 million, while underscoring our commitment to the future of agriculture and innovation in Canada,” said Max Koeune, President & Chief Executive Officer, McCain Foods. “This will fuel continued growth for the business, allowing us to serve key markets further by bringing customers high quality potatoes that begin with our dedicated local farming community.”
Aligned with McCain’s sustainability commitments, best practices will be implemented to ensure the facility helps McCain continue to work towards its goal to cut greenhouse gas emissions across its global operations in half by the end of the decade. The expansion will include wind turbines and solar panels, providing 100% renewable electricity to the Coaldale site. Additionally, renewable biogas generated at the wastewater treatment facility will be maximized and transported to the steam boilers to offset natural gas demands. To further build on sustainability efforts, a water recycling system will be implemented to produce clean potable water to be used in the manufacturing process.
The expansion in Coaldale will create two new state-of-the-art production lines. Once fully operational, the expansion project will add both hourly and salaried employees to work on these lines, more than doubling the workforce at Coaldale to 485. Construction on the expansion is expected to start later this year.
McCain Foods has operated a processing facility in Coaldale since 2000, currently employing 225 people and working with potato farmers across Southern Alberta.
McCain Foods (Canada) is the Canadian division of McCain Foods Limited, an international leader in the frozen food industry. McCain Foods is the world’s largest manufacturer of frozen potato specialties, and also produces other quality products such as appetizers, vegetables and desserts that can be found in restaurants and retail stores in more than 160 countries around the world. In Canada, the company has seven production facilities with approximately 2,400 employees and, in addition to its famous French fries and potato specialties, makes frozen desserts, snacks and appetizers.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
