This 102 billion deal will create a Canadian heavy equipment giant

TORONTO — Industrial equipment company Toromont Industries Ltd. has a friendly deal to buy the Quebec-based Hewitt Group for a combination of cash and shares worth about $1.02 billion.The transaction will combine two of Canada’s largest heavy equipment distributors and expand Toromont’s network of Caterpillar dealerships.Toronto-based Toromont says the acquisition of Hewitt, a private company based in the Montreal-area community of Pointe Claire, Que., will add 45 branches and 2,000 employees in Quebec and the Maritimes.That will bring Toromont’s total number of Caterpillar dealerships to 120, located in Canada’s seven eastern provinces and the northern territory of Nunavut.Toromont rose 12 per cent to US$50.46 at 11:15 a.m. in Toronto, heading for the steepest gain in 30 years. The stock earlier touched US$50.95, the highest price since at least 1983 when Bloomberg records begin.Toromont chief executive Scott Medhurst is expected to provide additional details during a conference call with analysts this morning.Hewitt chief executive Jim Hewitt says the sale of the family-owned business founded by his father makes sense given the trend towards consolidation in the sectors where the company operates.“The decision to sell the business founded 65 years ago by my father has not been an easy one, but is the outcome of much reflection on the part of my son David and me,” Jim Hewitt said in a statement issued at the same time as Toromont’s announcement.With file from Bloomberg read more

Read More

SLPP tells JVP to formally end relationship with UNF

However now the SLPP says the JVP has no right to protect the Government. (Colombo Gazette) The SLPP noted that every time the Government was under pressure the JVP came to its rescue. The Sri Lanka Podujana Peramuna (SLPP) today demanded that the Janatha Vimukthi Peramuna (JVP) formally end its relationship with the United National Fornt (UNF).In a statement issued today, the SLPP noted that the JVP has been protecting the Government since 2015. The SLPP said that with the no-confidence motion submitted to Parliament by the JVP against the Government, the JVP must now formally end its relationship with the United National Front Government. read more

Read More