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TORONTO, April 10, 2018 /CNW/ - Optimism about the Canadian economy is down significantly amid views the country is becoming less competitive, according to a survey of professional accountants in leadership positions by Chartered Professional Accountants of Canada (CPA Canada).

Among the findings of the Q1 2018 CPA Canada Business Monitor:

  • Optimism in the opening quarter of the year dipped to 34 per cent from 48 per cent in Q4 2017, falling to its lowest level since 2016.
  • More than two-thirds (67 per cent) of respondents report Canada is now a less competitive place to invest and do business in versus the United States compared to one year ago.

Top three challenges to the Canadian economy cited are U.S. trade protectionism (30 per cent), uncertainty in the Canadian economy (16 per cent) and U.S. tax reforms (7 per cent).

"Uncertainty is dominating, especially with growing protectionist trade sentiments and tax changes in the U.S.," says Joy Thomas, president and CEO, CPA Canada. "Canadian business leaders are looking for assurance from the federal government that the situation is being properly monitored to allow a course of action to be developed that will keep Canada competitive."

A majority of Canadian business leaders (84 per cent) agree a detailed analysis of U.S. tax reforms to assess the potential impact on Canada is urgently needed and 93 per cent say the results should be made public shortly after the analysis is completed.

More than eight in ten (82 per cent) report being disappointed the government did not set a date for a return to balanced budget.

Company Specific Findings:

Top three factors impacting business planning over the next year: Uncertainty surrounding the Canadian economy (32 percent), employee retention, acquisition and development (30 per cent) and lack of skilled workers (24 per cent).

Other findings include:

  • Company optimism continues to hover around the 60 per cent mark.
  • Over two thirds (69 per cent) of respondents are projecting revenue growth for their companies over the next 12 months and 63 per cent anticipate an increase in profits, both similar to last quarter.
  • With respect to employee numbers, 44 per cent predict growth at their company. Roughly four in ten (38 per cent) anticipate no change in employee numbers while 18 per cent expect a drop.


The CPA Canada Business Monitor is issued quarterly, based on a survey commissioned by CPA Canada and conducted by Nielson. The report draws upon business insights of professional accountants in leadership positions in privately and publicly held companies.

For the Q1 2018 study, emailed surveys were completed by 408 of 4,943 identified by CPA Canada as holding senior positions in industry (CFOs, CEOs, COOs and other leadership roles). The response rate was 10.8 per cent, with a margin of error associated with this type of study ±4.8 per cent, with a confidence level of 95 per cent. Further information regarding response rate calculations can be found in the survey's background document. The survey was conducted from March 13 to March 29, 2018.

A background document is available online at


April 4, 2018 (Winnipeg, MB) – Richardson International is investing more than $30 million to develop an innovation centre in the heart of downtown Winnipeg, featuring state-of-the-art technology and equipment for research and product development. This world-class facility will complement Richardson’s food and ingredients division and will provide an extensive opportunity for industry collaboration. The new centre will not only facilitate agri-food research and product innovation, it will help invigorate the downtown area and serve as a lasting legacy for the Winnipeg community.

“Our goal is that the Richardson Innovation Centre will become a centre for collaboration - as a training facility for our employees and customers and an education centre for food science students and the culinary community,” says Chuck Cohen, Richardson’s Senior Vice-President, Technology. “As a Winnipeg-based company, we look forward to bringing our customers, suppliers and partners from around the globe to this centre to showcase our products and capabilities and provide them with a rich experience in a very unique setting.”

The four-storey, 5,800 square metre (62,000 square feet) facility will house Richardson’s food development team, product development suites, analytical laboratory and a culinary test and demonstration kitchen. To support Richardson’s quality assurance and food safety teams, the centre will boast a cutting-edge microbiology lab and an extensive quality analysis area. The building will also include office areas with room for expansion to focus on innovation such as the increased use of robotics and automation in food packaging and processing. The strategic positioning of these core departments within the same multi-level space will optimize research, analytical and educational activities and facilitate the efficient development of truly innovative products.

“The process of product development requires a modern platform for testing solutions, troubleshooting issues and exploring new ideas as they relate to market needs and evolving customer taste profiles,” says Curt Vossen, Richardson’s President and CEO. “In order to test derivatives of existing products or create entirely new product streams, our team’s technical capabilities must be backed by the right technical facilities. We anticipate the Innovation Centre will provide them with the technical capacity and resources necessary to meet and exceed customer expectations.”

Located at the corner of Westbrook Street and Lombard Avenue, the Richardson Innovation Centre will be in close proximity to Richardson’s head office at Portage and Main. Construction will begin in April and is targeted for completion by the spring of 2020.

Richardson is Canada’s leading agribusiness and is recognized as a global leader in agriculture and food processing. The company is a worldwide handler and merchandiser of major Canadian-grown grains and oilseeds and is a vertically-integrated processor and manufacturer of oats and canola-based products. Over the past two decades, Richardson has become a significant player in the global food business, producing a wide variety of food products and ingredients for the retail, foodservice and industrial markets. One of Canada’s Best Managed Companies, Richardson is headquartered in Winnipeg with over 2,600 employees worldwide.

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TORONTO, April 3, 2018 /CNW/ - Hydro One Limited (Hydro One) is pleased to announce the appointment of Omar Javed as Vice President of Investor Relations, effective immediately.

Mr. Javed has been with Hydro One since the Initial Public Offering, and was most recently Director, Investor Relations. He has tremendous experience with both private and public markets having worked in Private Equity, Investment Management and Management Consulting. Since the Initial Public Offering, Mr. Javed has played a key role in shaping the successful investor relations program that was recognized as the Best Investor Relations for an IPO by IR Magazine.

"Omar Javed's proven track record as a strong communicator and thoughtful business leader positions him well to engage with the investment community as we become a leading North American utility," said Paul Dobson, CFO, Hydro One Limited. "His reputation for building relationships both externally and within Hydro One continues to improve the flow of information and our interface with Hydro One's shareholders, creating greater value."  

Mr. Javed is a results-driven, proven leader with global experience. At Hydro One, he will be responsible for leading the Investor Relations function.

"I am excited to take on increased responsibility as Hydro One transforms into a leading investor-owned utility," said Mr. Javed. "I look forward to working with the investors to promote transparency through effective disclosure to create significant shareholder value."

Mr. Javed holds a Bachelor of Arts in Economics from Western University and a Masters of Business Administration from the Rotman School of Management at the University of Toronto.


April 3, 2018

Following last year’s launch of PrimeTurning™ methodology and tools for external turning operations, Sandvik Coromant is introducing a dedicated CoroTurn® Prime SL head that makes this process available for internal turning operations. The new SL head will meet the needs of oil and gas, aerospace and other manufacturers that machine diameters in excess of 90 mm (3.5 inches) and overhangs up to 8–10×D.


“The inside-out machining capability provided by the CoroTurn® Prime SL head solution in combination with PrimeTurning™ techniques promotes excellent chip evacuation and chip control,” states Hakan Ericksson, Product Manager – General Turning, Sandvik Coromant. “In turn, manufacturers can achieve an excellent surface finish matched by high productivity, longer tool life and high machine utilization.”


In contrast to conventional internal turning, PrimeTurning™ sees the tool enter the material at the chuck end of the component and remove metal as it travels back out toward the bore exit (inside-out direction). This allows for the application of a small entering angle, which offers significant productivity gains. However, if required, another version is also available with a reversed tip seat that makes it possible to perform PrimeTurning™ in the opposite direction (outside-in).


The two insert types for internal PrimeTurning™ are: A-type for profiling, finishing and light roughing; and B-type for roughing to finishing operations.


Speed and feed rates can effectively be doubled with PrimeTurning™. This is because the small entering angle and higher lead angle create thinner, wider chips that spread the load and heat away from the nose radius, resulting in increased cutting data and/or tool life. Furthermore, as cutting is performed in the direction moving away from the shoulder, there is no danger of chip jamming, a common and highly undesirable effect of conventional internal turning.


With CoroTurn Prime SL heads, customers can create a wide range of tool combinations from a small inventory of adapters and cutting heads. SL heads are available in 40 mm (1.575 inches) diameter and fit with solid steel bars and carbide bars as well as with Silent Tools™ damped boring bars for vibration-free internal machining.


In addition, Sandvik Coromant now offers the new -H3 geometry to eliminate any concerns about chip control, which can be challenging when machining low-carbon and high-strength steels. The -H3 geometry is available for B-type inserts in grades GC4325, GC1115 and H13A.

For more information, please visit


BURLINGTON, Ontario, April 3, 2018 /PRNewswire/ -- AXYZ International, a leading global manufacturer of CNC router systems and CNC knife systems based in Burlington, Ontario, announces the acquisition of WARDJet, a Tallmadge, Ohio firm that manufactures waterjet cutting machines and offers custom waterjet solutions to a variety of industries.

AXYZ President Alf Zeuner, who will oversee the combined company as president, says, "AXYZ believes in providing localized sales and service support through our own offices. This ensures fast and reliable customer service. We want to bring this same value to WARDJet's customers." Due to innovative and specialized manufacturing capabilities and advancing technology, "people are excited about creating a new future together," he adds. Both firms have become industry leaders by offering customized products tailored to the specific needs of the end user.

WARDJet products will continue to be made in the USA at their Ohio facility and will now be supported by AXYZ's global network of sales and support offices. Founder Richard Ward will retain the title of WARDJet president and says that he is looking forward to the next steps for the business he founded 23 years ago. 

The synergy between the two companies makes the WARDJet move to join AXYZ International a logical one. For some potential clients a water jet cutting system may be the best option for the materials to be cut, while for others CNC router or knife technology is the preference.

AXYZ International was founded in 1991 and now has 13 owned-and-operated offices in the United States, Canada, United Kingdom, India and Poland, with plans to open additional offices. Like WARDJet, it sells and services end user customers without a middleman.  

Water jet technology "is very complimentary to what we are doing," says Zeuner, who adds that the two company's core values, built around maintaining promises made to customers and developing talented, loyal and long-term employees also made the acquisition ideal for both parties. The transaction allows AXYZ to retain "all of the existing infrastructure in both Ohio and Canada because the product lines are so different," Ward reports. With close to 100 WARDJet employees joining the firm, AXYZ International will now employ around 250 people globally.

"We will have a much larger footprint in the [water jet] industry overnight," says Ward, noting that the far-reaching network, as well as a strong chemistry with AXYZ, convinced him this was the best way to grow the company. "You have to embrace change to be on the right side of history, and this change is a natural one. WARDJet's vision and our vision could not be more closely aligned," adds Zeuner.

Robert Marshall, VP Market Development
AXYZ International
This email address is being protected from spambots. You need JavaScript enabled to view it. 


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