Mr. Allan MacDonald reports

CANADIAN TIRE ACQUIRING PADINOX, OWNER OF THE PADERNO BRAND IN CANADA

Canadian Tire Corp. Ltd. has entered into an agreement to acquire Padinox Inc., the company which owns the Canadian rights to the Paderno brand.

Paderno is a well-known kitchenware brand with strong roots in Canada and holds a reputation for excellence in craftsmanship and quality. This brand, coupled with Canadian Tire's strength in product development and marketing, will play a central role in Canadian Tire's new cooking innovations and expanded kitchen assortment.

As part of the transaction, the manufacturing and wholesale distribution operations of Padinox, based in Prince Edward Island, 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.

"Owning our own brands provides us with a competitive edge, and we are thrilled to add Paderno to our portfolio of world-class brands," said Allan MacDonald, president of Canadian Tire Retail. "As a product-driven company, we are passionate in our belief that exclusive brands with a pipeline of well-designed and innovative products will continue to set us apart in providing our customers with what they need for the jobs and joys of life in Canada. We are also very pleased to work closely with Meyer, a long-time vendor partner of ours, to grow the Paderno brand in Canada."

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