TORONTO —
Scenes of panic-buying around the world since the outbreak of COVID-19 has prompted some consumers to stockpile toilet paper, leaving some store shelves across Canada bare.
But the country’s largest manufacturer of toilet paper, Kruger Products, has reassured Canadians there is no danger of toilet paper running out.
Kruger’s chief executive officer Dino Bianco told CTVNews.ca in a phone interview that a number of factors were contributing to this spike in demand.
“One is that people are preparing for self-quarantine so they’re stocking up,” he said.
“People are staying home more because they’re not travelling… so they’re going to use more and then you’ve got this third piece which is panic-buying. These people when they see an empty shelf their fear is that there’s no more toilet paper and they start stocking up more.”
Bianco said some stores are out of stock for the short term and that his company was trying to catch up with demand with extra production runs.
“Toilet paper is a big product, it takes up a lot of space on the shelf… and when it’s empty it’s very visual,” he said.
“So people started snapping pictures…that I think sets of a little bit of panic. You have social media also inflating this, so I think it’s a whole part of this cycle of fear and concern and misinformation that is out there.”
He said Kruger was working 24/7 at its seven facilities across Canada to make its toilet paper brands, including Cashmere and Purex, and its other products which include facial tissue brand Scotties and its paper towels.
“There isn’t a structural shortage of toilet paper in the country, we’re not going to run out,” Bianco added.
He believes the tissue industry should be able to recover “soon” and added that availability for shoppers depends on location and the time of day they visit a store because of the timing of deliveries.
Demand has been consistent across the country, he said.
“We have pulp in Canada, we have the raw materials available to make the product,” Bianco said.
“We’re not importing tissue from another country that has to cross the border and takes a long time to get here, so it’s a pretty controlled supply chain. For the most part we are controlled within the country of Canada with respect to supply and production.”
Bianco asked people to be calm and patient while stocks are resupplied in the coming days and weeks.
Kruger produces about a third of all tissue products in Canada.
“Toilet paper usage doesn’t change whether there’s a pandemic or not,” Bianco said.
“It’s an interesting place where we are right now.”
Toronto-Dominion Bank has named new co-heads of its U.S. commercial banking business.
TD says Andy Bregenzer and Jill Gateman will jointly lead the operations.
The bank says the appointments follow the announcement earlier this year of Chris Giamo’s retirement.
Bregenzer will focus on leading all aspects of the regional commercial bank, including small business.
Gateman will lead TD’s national commercial banking effort in the U.S., including middle market, sponsor-backed finance and TD’s other specialty lending lines of business.
TD, which is working to resolve investigations into failures in its anti-money laundering program in the U.S., announced last week that chief executive Bharat Masrani would retire next year and be replaced by Raymond Chun.
This report by The Canadian Press was first published Sept. 26, 2024.
MONTREAL – Lightspeed Commerce Inc. says it is conducting a review of its business and operations including talks relating to a range of potential strategic alternatives.
The Montreal-based payments technology company made the comments after reports concerning a potential transaction involving the company.
Lightspeed says it periodically undertakes a review of its business and operations with a view of realizing its full potential.
A strategic review is often seen by investors as a prelude to a sale by a company.
Lightspeed says its board of directors is committed to acting in the best interests of the company and its stakeholders.
Company founder Dax Dasilva returned to the role of chief executive officer earlier this year and has been working to return the company to profitability.
This report by The Canadian Press was first published Sept. 26, 2024.
MONTREAL – National Bank of Canada says it has cleared a key regulatory hurdle in its proposed acquisition of Canadian Western Bank.
The Montreal-based bank says it has received the Competition Bureau’s clearance for the deal.
The transaction still requires approval by the Office of the Superintendent of Financial Institutions and the minister of finance.
Canadian Western shareholders voted to approve the deal earlier this month.
National Bank announced an all-stock deal to buy Canadian Western earlier this year in a proposal that valued the Edmonton-based bank at about $5 billion.
It has said its acquisition of Canadian Western will significantly expand its western footprint and create a stronger national competitor.
This report by The Canadian Press was first published Sept. 26, 2024.
