TORONTO—Padinox Inc., a Price Edward Island cookware manufacturer, has sold to Canadian Tire Corp. for an undisclosed price.
The nearly 40-year-old Charlottetown-based firm owns the Canadian rights to the Paderno brand and touts itself as Canada’s only kitchenware maker.
Canadian Tire said the acquisition will give it ownership of the Paderno brand, but that it plans to sell the P.E.I. company’s manufacturing and wholesale distribution operations to Meyer Canada as part of the agreement.
Meyer Canada is an affiliate of Meyer International Holdings Ltd., a global cookware company based in Hong Kong. It said the Padinox deal will provide it with new Canadian manufacturing capacity to complement its existing operations and allow it to better serve the North American market.
Palinox currently employs approximately 200 people across the country, including those at its manufacturing plant in Charlottetown.