Trudeau: ‘This is where the puck is going, this is the future we are building together every single day’
A billion-dollar battery cell production plant in Maple Ridge, B.C., will produce up to 135 million batteries each year as part of Canada’s push toward clean technology, Prime Minister Justin Trudeau said Tuesday during a stop in Metro Vancouver.
Trudeau was joined by B.C. Premier David Eby to announce federal and provincial financial support for the E-One Moli lithium-ion battery cell production plant.
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It will be the largest factory in Canada to manufacture such high-performance batteries, Trudeau said.
“This is where the puck is going, this is the future we are building together every single day. Climate policy is economic policy.”
The B.C. government will contribute up to $80 million, while $970 million is set to come from the federal government, E-One Moli and private sources.
A news release from the City of Maple Ridge said the total federal-provincial investment was $280 million to support the expansion of the manufacturing of lithium-ion batteries.
B.C. has long been known for its innovation in the clean-technology sector, and securing the clean battery manufacturing project will build on that expertise, Trudeau told the press conference.
Nelson Chang, the chairman of E-One Moli Energy, said the company has always been committed to innovation and creativity as the creator of the world’s first commercialized lithium-metal battery.
E-One Moli has been operating a plant in Maple Ridge since 1990. Its parent company, Taiwan Cement Corp., is based in Taiwan.
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“We believe that human freedom is a chance for us to do good for others and appreciate life’s fleeing nature, to leave a positive impact on the world,” Chang said.
“We believe that (carbon dioxide) reduction is absolutely the key to success for all future businesses,” he said.
The new plant will produce high-performance lithium-cell batteries found in numerous products, including vacuums, medical devices, and power and gardening tools.
Construction is expected to start next June and the company plans for the facility to be fully operational in 2028.
With the creation of 450 jobs, E-One Moli is poised to become the largest private-sector employer in Maple Ridge.
Eby said every industry needs to find ways to reduce their carbon footprint to ensure they have a prosperous future and every province should do the same.
It’s the responsible thing to do given the record wildfires, extreme heat, and atmospheric rivers that caused catastrophic flooding in B.C., he said.
“We know that this is what we have to do. The people who suggest that we have to accept that as the future and stop taking action are simply wrong.”
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Trudeau, Eby and Chang toured the existing plant in Maple Ridge, east of Vancouver, before making the announcement.
The prime minister wove his way around several machines and apologized to technicians about the commotion his visit was creating in the warehouse.
As part of the agreement, E-One Moli will switch some of its plant operations to electricity from natural gas, the B.C. government said in a news release.
The Canadian Taxpayers Federation criticized the federal and B.C. governments for the announcement, saying in a statement the multimillion-dollar handout to the battery firm will cost taxpayers hundreds of thousands of dollars for each job.
Federation director Franco Terrazzano said the Trudeau government has recently given “buckets of cash” to corporations such as Volkswagen, Stellantis, the Ford Motor Company and Northvolt.
“Instead of raising taxes on ordinary Canadians and handing out corporate welfare, governments should be cutting red tape and taxes to grow the economy.”
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TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:GOOS)
The Canadian Press. All rights reserved.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
The Canadian Press. All rights reserved.
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:TD)
The Canadian Press. All rights reserved.
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