Latest news with #ChristineFréchette
National Observer
4 days ago
- Business
- National Observer
American buyer interested in Quebec's Northvolt battery plant
Lyten, an American company, has announced it hopes to purchase the Northvolt battery plant in Quebec. This comes after the company shared Thursday it entered into a deal buy Northvolt's assets in Sweden and Germany. The acquisition includes the Northvolt Ett, Ett Expansion, and Northvolt Labs facilities in Sweden, as well as Northvolt Drei in Germany. Lyten will also acquire all of Northvolt's remaining intellectual property. The value of the transaction has not been disclosed. The San Jose, Calif.-based company now has its sights set on Quebec. In its press release announcing the acquisition of the Swedish and German assets, it said it's "committed to pursuing the acquisition" of the Northvolt Six project in the Montérégie region. The $7-billion factory is expected to be built between Saint-Basile-le-Grand and McMasterville. "Lyten is actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec and other key local stakeholders," the company wrote Thursday in a statement. Lyten, an American company, has announced it hopes to purchase the Northvolt battery plant in Quebec. This comes after the company shared Thursday it entered into a deal buy Northvolt's assets in Sweden and Germany. The U.S. company, founded in 2015, currently manufactures lithium-sulphur batteries in the Silicon Valley and markets them to the drone and defence markets. The company's takeover in Sweden and Germany follows its purchase of another Northvolt plant in Poland in early July, and the Swedish company's product portfolio and intellectual property for battery energy storage systems weeks later. In November of 2024, Lyten also acquired Northvolt's Cuberg battery manufacturing facility in California. In a post on X, Quebec Economy Minister Christine Fréchette said the Quebec government intends to meet with Lyten representatives to hear "what they have to offer." She added the province has "leverage to regulate or refuse" the purchase, adding "it's our responsibility to rigorously assess this new situation." Karen Chang, interim CEO of Northvolt North America, said she's "encouraged by strong interest expressed by Lyten" in the subsidiary. "It underscores the promising foundations established through the Northvolt project and Quebec's potential role in the growth of the North American battery ecosystem," she said in a statement. Northvolt filed for bankruptcy in Sweden on March 12. This came following an "exhaustive effort to explore all available means to secure a viable financial and operational future for the company," the North American branch said then. At that time, Fréchette had said she hoped the company would find another buyer willing to take over its activities in North America. The Quebec government invested $270 million in Northvolt's Swedish parent company before it filed for bankruptcy in Europe. Quebec's pension fund manager, the Caisse de dépôt et placement du Québec, had also invested $200 million into the company.
Global News
4 days ago
- Business
- Global News
U.S. company Lyten interested in purchasing Northvolt battery plant in Quebec
Lyten, an American company, has announced it hopes to purchase the Northvolt battery plant in Quebec. This comes after the company shared Thursday it entered into a deal buy Northvolt's assets in Sweden and Germany. The acquisition includes the Northvolt Ett, Ett Expansion, and Northvolt Labs facilities in Sweden, as well as Northvolt Drei in Germany. Lyten will also acquire all of Northvolt's remaining intellectual property. The value of the transaction has not been disclosed. The San Jose, Calif.-based company now has its sights set on Quebec. In its press release announcing the acquisition of the Swedish and German assets, it said it's 'committed to pursuing the acquisition' of the Northvolt Six project in the Montérégie region. The $7-billion factory is expected to be built between Saint-Basile-le-Grand and McMasterville. Story continues below advertisement 'Lyten is actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec and other key local stakeholders,' the company wrote Thursday in a statement. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The U.S. company, founded in 2015, currently manufactures lithium-sulphur batteries in the Silicon Valley and markets them to the drone and defence markets. The company's takeover in Sweden and Germany follows its purchase of another Northvolt plant in Poland in early July, and the Swedish company's product portfolio and intellectual property for battery energy storage systems weeks later. In November of 2024, Lyten also acquired Northvolt's Cuberg battery manufacturing facility in California. In a post on X, Quebec Economy Minister Christine Fréchette said the Quebec government intends to meet with Lyten representatives to hear 'what they have to offer.' She added the province has 'leverage to regulate or refuse' the purchase, adding 'it's our responsibility to rigorously assess this new situation.' Karen Chang, interim CEO of Northvolt North America, said she's 'encouraged by strong interest expressed by Lyten' in the subsidiary. 'It underscores the promising foundations established through the Northvolt project and Quebec's potential role in the growth of the North American battery ecosystem,' she said in a statement. Northvolt filed for bankruptcy in Sweden on March 12. This came following an 'exhaustive effort to explore all available means to secure a viable financial and operational future for the company,' the North American branch said then. Story continues below advertisement At that time, Fréchette had said she hoped the company would find another buyer willing to take over its activities in North America. The Quebec government invested $270 million in Northvolt's Swedish parent company before it filed for bankruptcy in Europe. Quebec's pension fund manager, the Caisse de dépôt et placement du Québec, had also invested $200 million into the company.
Winnipeg Free Press
4 days ago
- Business
- Winnipeg Free Press
American company Lyten interested in purchasing Northvolt battery plant in Quebec
MONTREAL – Lyten, an American company, has announced it hopes to purchase the Northvolt battery plant in Quebec. This comes after the company shared Thursday it entered into a deal buy Northvolt's assets in Sweden and Germany. The acquisition includes the Northvolt Ett, Ett Expansion, and Northvolt Labs facilities in Sweden, as well as Northvolt Drei in Germany. Lyten will also acquire all of Northvolt's remaining intellectual property. The value of the transaction has not been disclosed. The San Jose, Calif.-based company now has its sights set on Quebec. In its press release announcing the acquisition of the Swedish and German assets, it said it's 'committed to pursuing the acquisition' of the Northvolt Six project in the Montérégie region. The $7-billion factory is expected to be built between Saint-Basile-le-Grand and McMasterville. 'Lyten is actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec and other key local stakeholders,' the company wrote Thursday in a statement. The U.S. company, founded in 2015, currently manufactures lithium-sulphur batteries in the Silicon Valley and markets them to the drone and defence markets. The company's takeover in Sweden and Germany follows its purchase of another Northvolt plant in Poland in early July, and the Swedish company's product portfolio and intellectual property for battery energy storage systems weeks later. In November of 2024, Lyten also acquired Northvolt's Cuberg battery manufacturing facility in California. In a post on X, Quebec Economy Minister Christine Fréchette said the Quebec government intends to meet with Lyten representatives to hear 'what they have to offer.' She added the province has 'leverage to regulate or refuse' the purchase, adding 'it's our responsibility to rigorously assess this new situation.' Karen Chang, interim CEO of Northvolt North America, said she's 'encouraged by strong interest expressed by Lyten' in the subsidiary. 'It underscores the promising foundations established through the Northvolt project and Quebec's potential role in the growth of the North American battery ecosystem,' she said in a statement. Monday Mornings The latest local business news and a lookahead to the coming week. Northvolt filed for bankruptcy in Sweden on March 12. This came following an 'exhaustive effort to explore all available means to secure a viable financial and operational future for the company,' the North American branch said then. At that time, Fréchette had said she hoped the company would find another buyer willing to take over its activities in North America. The Quebec government invested $270 million in Northvolt's Swedish parent company before it filed for bankruptcy in Europe. Quebec's pension fund manager, the Caisse de dépôt et placement du Québec, had also invested $200 million into the company. This report by The Canadian Press was first published Aug. 8, 2025.
Cision Canada
20-06-2025
- Business
- Cision Canada
Watch Out, ADM Aéroports de Montréal, Espace Aéro and Aéro Montréal announce the opening of a new R&D and assembly center for autonomous micro-factories piloted by AI within the YMX Innovation Center. Français
Paris Air Show – Le Bourget 2025 PARIS, June 18, 2025 /CNW/ - At the Paris Air Show, Watch Out, ADM Aéroports de Montréal, Espace Aéro, and Aéro Montréal announce the opening of a new research, development, and assembly center within the YMX Innovation Center, located at YMX International Aerocity of Mirabel. This site will be operated by Watch Out, a Quebec-based builder of autonomous micro-factories piloted by AI and designed to manufacture precision parts for the aerospace, defense, and advanced industries sectors. It brings Watch Out Group's total investment in Quebec since 2023 to CAD 30 million. By year-end, the YMX site will be equipped with micro-factories dedicated to R&D programs led by Watch Out and its partners, notably to expand the micro-factory's scope to new sectors and to test new algorithms developed by Watch Out's Canadian teams. A pilot assembly line will also be installed to assemble the first Quebec-made micro-factories, with a preference for sourcing components from Canadian companies. Three initial suppliers have already been selected and have received orders from Watch Out. " The opening of this new research, development, and assembly center in Mirabel is yet another example of Québec's leadership in the aerospace sector. I am confident that it will further showcase Québec's ingenuity and leadership in technological innovation and artificial intelligence across future-oriented industries." Christine Fréchette, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development, and Minister Responsible for the Metropolis and the Montréal Region "The YMX Innovation Center is an ideal place to strengthen our collaborations with the Canadian aerospace ecosystem. We are very proud to be a driving force in the next technological transformation of Quebec's manufacturing industry." Sébastien Laporte, Founder and CEO of Watch Out "ADM is delighted to welcome this new research, development, and assembly center, led by our partner Watch Out, to its YMX site. This marks the beginning of a major collaboration between two players committed to being agents of change for the future of the aviation industry. This agreement reaffirms our Aerocity's mission to host high-tech projects, and we are proud to contribute to the growth and influence of this locally based company." Yves Beauchamp, President and CEO of ADM Aéroports de Montréal "The establishment of Watch Out within the Mirabel Innovation Center confirms the relevance of Espace Aéro as a strategic hub for breakthrough technologies in aerospace. This project strengthens our mission: to create an environment that fosters experimentation, collaboration, and the industrialization of solutions that will transform advanced manufacturing in Québec." Pascal Désilets, Executive Director of Espace Aéro "The deployment of autonomous micro-factories in Mirabel is a concrete response to the productivity and labour shortage challenges facing our entire industry. This project also brings major opportunities for Québec's defence industrial base, enabling it to gain agility, performance, and technological sovereignty. It embodies the future of smart manufacturing in support of strategic sectors." Mélanie Lussier, President of Aéro Montréal An expanding industrial footprint in Quebec Since 2023, Watch Out has been building a complete industrial ecosystem in Quebec: 2023: opening of a precision aerospace machining workshop in Dorval, supported by Investissement Québec and Canada Economic Development 2024: creation of an AI team in Montreal, in partnership with MILA 2024: establishment of the Group's headquarters, management, and support functions in Montreal 2025: integration of three Quebec-based suppliers into Watch Out's supply chain 2025: opening of the Mirabel site Watch Out micro-factories: a revolution for aerospace supply chain Watch Out is the first company to offer an autonomous micro-factory powered by AI and designed to produce high-precision metal parts for aerospace, defense, and medical sectors. These micro-factories are designed to address the critical labor shortage while delivering a leap forward in quality, cost, and environmental footprint. LISI Aerospace, a global leader in aerospace fasteners and strategic investor in Watch Out, already operates an autonomous workshop of nine Watch Out micro-factories at its European site in Saint-Ouen. About
Cision Canada
09-06-2025
- Business
- Cision Canada
KRUGER PRODUCTS INAUGURATES NEW LDC PLANT IN SHERBROOKE Français
SHERBROOKE, QC, June 9, 2025 /CNW/ - Kruger Products Inc. today inaugurated its new LDC (light dry crepe) tissue plant in Sherbrooke, constructed on a site adjacent to its TAD plant. The construction of this new facility was part of a large-scale $377.5-million expansion project that included the construction of a double-wide tissue machine featuring LDC technology, as well as the installation of two new converting lines: a facial tissue line in the new plant and a bathroom tissue line in the TAD plant. The project created 205 direct jobs, increasing the number of new jobs at the Sherbrooke Operational Centre to 378 since 2020. Today, Kruger Products employs 429 people in Estrie and supports about 1,500 regional direct and indirect jobs. All told, this major project represents a historic investment of nearly $1 billion in the region since 2018 to create a major tissue product manufacturing hub in North America. This expansion project was supported by Investissement Québec, agent for the Government of Québec, who provided $165 million in loans. The inauguration ceremony was attended by Gene Kruger and Sarah Kruger, Co-Presidents of Kruger Inc.; Christine Fréchette, Minister of Economy, Innovation and Energy and Minister Responsible for Regional Economic Development; Geneviève Hébert, Member for Saint-François; Évelyne Beaudin, Mayor of Sherbrooke; Michel Manseau, Senior Vice President and General Manager, Consumer Business – Canada, Kruger Products; Patrice Bégin, Vice President, Manufacturing, Kruger Products; and Éric Blais, General Manager, Sherbrooke Operational Centre, Kruger Products. With a capacity of 60,000 metric tons, the new LDC machine nearly doubles the Sherbrooke Operational Centre's production capacity and increases overall production to more than 130,000 metric tonnes per year. The ultra-modern industrial complex located in Sherbrooke's Brompton borough is now one of North America's most advanced and best-performing. It manufactures such well-known brands as Cashmere UltraLuxe ®, Scotties ® Ultra Soft, and SpongeTowels Ultra Pro ®. Quotes "Paper producers need to renew and modernize to adapt to new market realities. Kruger understands this very well! Given the current geopolitical context, we need projects like this one to contribute to Québec's economic development and boost the production of goods made right here. I extend my warmest congratulations to the Kruger family and the entire team!" – Christine Fréchette, Minister of Economy, Innovation and Energy, and Minister Responsible for Regional Economic Development "Once again, our government is there to help businesses in Estrie with their major investment projects. Large-scale initiatives such as this one diversify our region's economy and provide quality jobs for local residents. I congratulate the Kruger team for seeing this project through on time." – Geneviève Hébert, Member for Saint-François "This second plant fulfills our vision to make Sherbrooke a major manufacturing hub in North America of premium-quality tissue products. The fact that two large-scale projects were completed in just six years is a clear indicator of outstanding success and a testament to stellar teamwork. I would like to extend special congratulations to the project team at our LDC plant and to everyone who was involved in building both facilities. I also applaud our employees in Sherbrooke, whose daily commitment is key to our success." – Michel Manseau, Senior Vice President and General Manager, Consumer Business – Canada, Kruger Products Significant economic benefits in Estrie The project, carried out over three years, required some 660,000 person-hours of work, generated significant economic benefits for the region, with direct spending estimated at $165 million, and helped to create about 1,000 direct and indirect jobs during the construction phase, which was completed on time and on budget in fall 2024. About Kruger Products Inc. (Kruger Products) Kruger Products is Canada's leading manufacturer of quality tissue products for household, industrial and commercial use. Kruger Products serves the Canadian consumer market with such well-known brands as Cashmere ®, Purex ®, SpongeTowels ®, Scotties ®, White Swan ® and Bonterra™. In the U.S., Kruger Products manufactures the White Cloud® brand, as well as many private label products. Kruger Products has approximately 3,000 employees and operates ten FSC®-certified CoC plants (FSC® C-104904) in North America. For more information, visit About KP Tissue Inc. (KPT) KPT was created to acquire, and its business is limited to holding, a limited equity interest in Kruger Products, which is accounted for as an investment on the equity basis. KPT currently holds a 12.3% interest in Kruger Products. For more information, visit
