Lowe’s purchases RONA for $3.2-billionCanadian Contractor
Another Canadian retailer - and an iconic one in our industry - gets American ownership
Once the largest Canadian-owned home improvement retailer, RONA inc., Boucherville, QC., is being sold to North Carolina-based Lowe’s, for $3.2-billion.
Lowe’s press release is now billing its new Canadian operation, which will be headquartered at RONA’s complex near Montreal, as “Canada’s leading home improvement retailer.”
From largest Canadian-owned, to leading in Canada, just like that. Lowe’s agreed to purchase the company, in a “friendly” takeover, for $24 cash per common share and $20 cash per preferred share.
Home Hardware, St. Jacobs, ON, now takes top spot among Canadian-owned hardware and building supply operators.
For a Canada News Wire press release issued by Lowe’s, please see here.
For the “we’ll be very vigilant” (about protecting our brothers’ and sisters’ jobs) press release issued by one of RONA’s main unions, Teamster’s Canada Local Union 1999, please see here.
For updates on the story, from our good friends at Hardlines.ca, the information service for home improvement retailers, please see here.