By Solarina Ho
(Reuters) – Rona Inc (RON.TO: Quote, Profile, Research, Stock Buzz), Canada’s top home-improvement retailer and distributor, has chosen supermarket-chain executive Robert Sawyer as CEO, putting him in charge of efforts to fight back against large U.S.-based competitors.
Shares of Rona rose as much as 6 percent on Tuesday after it said Sawyer, former chief operating officer at Canadian grocer Metro Inc (MRU.TO: Quote, Profile, Research, Stock Buzz), would replace acting Chief Executive Dominique Boies next month. Rona’s longtime CEO, Robert Dutton, stepped down in November.
TORONTO, March 8 (Reuters) – General Motors Co is
spending C$250 million ($243.46 million) to retrofit its CAMI
Automotive Inc assembly plant in Ingersoll, Ontario, for future
vehicle production, the company said on Friday.
The facility currently produces the popular crossover
utility models Chevrolet Equinox and the GMC Terrain.
By Solarina Ho
(Reuters) – Canadian construction and engineering company SNC Lavalin Group Inc (SNC.TO: Quote, Profile, Research, Stock Buzz) reported a 24 percent rise in fourth-quarter profit on Friday, but its shares fell as much as 6.8 percent after the earnings and its 2013 outlook fell short of analysts’ expectations.
Excluding infrastructure investments, profit fell 33 percent, with earnings per share coming in far below analysts’ expectations.
MONTREAL, March 7 (Reuters) – Canada’s Bombardier Inc
took the wraps off its $3.4 billion challenge to
industry leaders Boeing and Airbus on Thursday,
announcing “excellent progress” on the development program for
its largest plane to date.
Bombardier’s single-aisle CSeries planes, with seating for
between 100 and 160 passengers, represent the Montreal-based
company’s attempt to break into the lower end of a marketplace
for 100-200 seat jets heavily defended by Boeing and Airbus.
GUELPH, Ontario, March 4 (Reuters) – U.S. discount retailer
Target Corp gave a first look at one of its new stores
in Canada on Monday, showing freezers with locally-produced
cakes and the country’s iconic beaver-logoed Roots apparel
brand, designed to appeal to Canadians in its massive expansion
outside the United States.
Target’s bold entry is expected to threaten a range of
Canadian retailers, from department store operators to grocers
and pharmacies, and Wal-Mart Stores Inc has planned its
own growth spurt in Canada to defend its turf.
TORONTO, March 1 (Reuters) – Canadian auto sales dropped a
moderate 3.3 percent in February in a third straight monthly
decline, according to industry data released on Friday, as a
hardy appetite for Detroit’s Big Three brands helped offset a
setback for Japanese makers.
Chrysler Canada was the top seller last month, pipping Ford
of Canada by a few hundred units, although Ford posted a higher
overall sales increase at 5 percent, compared with Chrysler’s 2
TORONTO, March 1 (Reuters) – The Canadian dollar
strengthened on Friday, rebounding from an early decline to its
lowest level since late June, after fourth-quarter domestic
growth data came in as forecast.
The Canadian economy chalked up another quarter of weak
growth at the end of 2012, and shrank 0.2 percent in December
for its first monthly decline since February 2012.
TORONTO, March 1 (Reuters) – Canadian auto parts maker Magna
International Inc raised its full-year sales
forecast on Friday and sweetened its quarterly dividend after a
fourth-quarter performance that beat expectations.
Magna, one of the world’s largest parts makers, said its
North American operations helped drive total sales last year to
a record high. That mirrored the robust recovery for vehicle
sales in the United States, which rang up double-digit growth.
TORONTO, Feb 21 (Reuters) – Bombardier Inc
reported quarterly results on Thursday that fell short of
expectations and issued a lackluster 2013 outlook, sending
shares of the Canadian aircraft and train maker down 9 percent.
The company added to investors’ disappointment by announcing
it was pushing back the first delivery of its Learjet 85
business aircraft to the summer of 2014 from its previous target
of late 2013. It was the second time since November it delayed a
major aircraft program.
By Solarina Ho
(Reuters) – Bombardier Inc (BBDb.TO: Quote, Profile, Research, Stock Buzz) reported quarterly results on Thursday that fell short of analysts’ expectations and issued a disappointing 2013 outlook, sending shares of the Canadian aircraft and train maker down 9 percent.
The Montreal-based company’s fourth-quarter profit tumbled 93 percent, pulled lower by charges for a plant closure and global job cuts in its rail division.