McCain Foods to double size of facility near Lethbridge with $600M investment | Canada News Media
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McCain Foods to double size of facility near Lethbridge with $600M investment

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The injection will create 260 new jobs at its facility, bumping its workforce from 225 to 485 people

McCain Foods will spend $600 million to double the size of its potato processing plant near Lethbridge, the company announced Monday.
The Toronto-based french fry giant said the injection will create 260 new jobs at its facility in Coaldale, Alta., boasting the investment is the largest in the company’s history.
The expansion will create two new production lines at the Coaldale plant. When operational, both hourly and salaried employees will be hired to work on those lines, McCain said, bringing the workforce at the site up to 485 employees from the 225 currently working there.
“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,” said McCain Foods president and CEO Max Koeune in a news release.

Project boasts several green initiatives

The project will also include wind turbines and solar panels, the company said, providing 100 per cent renewable electricity for the Coaldale site.

McCain added it plans to maximize renewable biogas generated via its wastewater treatment process to transport to steam boilers and offset natural gas use, and said a water recycling system is also planned to produce clean potable water to be used during manufacturing.

The company announced in 2021 its goal to cut reduce its overall carbon emissions by 50 per cent by 2030. That also includes moving to its policy of only sourcing potatoes from farms which practice “regenerative agriculture,” a term used to describe farming practices which activity revitalize soil quality.

The Lethbridge-Coaldale-Taber corridor in southern Alberta is home to several major potato processing operations, making it a key region for the province’s value-added agriculture sector.

Those include include a $350-million Cavendish Farms facility in Lethbridge, and PepsiCo Frito-Lay and Lamb Weston plants in Taber.

— With files from Amanda Stephenson

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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