Paderno company being sold, but 'business as usual' for P.E.I.
Canadian Tire, Meyer to take over popular Island cookware business
The P.E.I.-based company that makes Paderno pots is being sold, but company officials say it will "business as usual" on the Island.
"All our employees, there's no change for our P.E.I. operations," said Tim Casey, president of Padinox.
Canadian Tire has announced it plans to purchase Padinox, the company that owns the Canadian rights to the Paderno brand.
As part of the transaction, the manufacturing and wholesale distribution operations of Padinox 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.
On P.E.I. for 38 years
Casey said Meyer will operate the Paderno factory and distribution centre, which has been on P.E.I. for more than 38 years.
Meyer executives met with Paderno staff on Wednesday.
All our employees, there's no change for our P.E.I. operations.- Tim Casey, president of Padinox
"The plan for the foreseeable future is that there won't be any change," said Meyer president Evan Feldman. "Everyone there in the roles they're in will stay in those roles. They'll continue with their benefits, their seniority, their vacation packages."
Feldman said he hopes to invest in the Paderno facilities to increase production, employment and revenue.
"I think it will be positive for P.E.I.," he said. "We have a lot of buying capacity and technology to bring to the facilities to see them grow. I think it bodes well for the future."
In a news release, Allan MacDonald, president of Canadian Tire Retail, said Paderno fits with the company's business acumen of using "exclusive brands with a pipeline of well-designed and innovative products."
"Owning our own brands provides us with a competitive edge and we are thrilled to add Paderno to our portfolio of world-class brands," he said.
Canadian Tire said it will provide more details at its annual general meeting of shareholders Thursday in Toronto.
"Canadian Tire is a great retailer, and Meyer is good at the manufacturing and distribution side of it," Casey said. "It's a win-win."
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With files from Steve Bruce