Business Briefs News

MBI Business Brief – February 10, 2023

DEEP Earth Energy Project. Photo provided by DEEP.
DEEP Earth Energy Project. Photo provided by DEEP.

Great-West Lifeco reports Q4 2022 results

Great West Lifeco released its Q4 2022 results on Feb. 8, reporting net earnings of $1.026 billion and base earnings of $892 million. Both were up from $765 million and $825 million in Q4 2021, respectively.

“Great-West Lifeco’s fourth quarter performance was strong against a backdrop of continuing macroeconomic instability. Each of our businesses continued to deliver on their commitments to stakeholders, while making progress against strategic priorities including Empower’s integration activities in the United States,” said Paul Mahon, president and CEO, Great-West Lifeco. “We are pleased with our top-line and bottom-line momentum supported by effective risk management and disciplined capital allocation across our diversified businesses. Given our strong momentum and results, we have increased our common shareholder dividend by 6 per cent.”

IGM Financial releases Q4 2022 and 2022 earnings

Winnipeg’s IGM Financial Inc. (IGM) announced its Q4 2022 and 2022 earnings on Feb. 9. The company saw Q4 net earnings of $224.7 million (94 cents per share) down from $268.5 million or $1.11 per share in 2021. IGM reported annual net earnings of $867.2 million ($3.63 per share) down from 2021 net earnings of $978.9 million ($4.08 per share). However, earnings per share in 2022 was the second highest annual result in IGM’s history.

“Earnings remained strong in the quarter, and reflect our continued focus on expense management in the quarter and throughout the year,” said James O’Sullivan, president and CEO, IGM. “We were pleased to announce the closing of our acquisition of an additional 13.9 per cent interest in China Asset Management Co., Ltd., and also a strategic agreement with nesto that will provide our clients with a best-in-breed mortgage experience and enhance our efforts to support growth in our mortgage business.”

PADM Medical Canada announces new president and general manager

PADM Medical Canada (PADM) has appointed David Donnelly as the company’s next president and general manager as of Feb. 1, 2023.

Donnelly has held leadership positions with CHS, Medicom, The Stevens Company and Medline. He has sat on the Board of Directors for the HealthCare Industry Distributors Association (HIDA) and as co-chair of the Healthcare Supply Chain Network (HSCN). Donnelly holds a Bachelor of Commerce from the DeGroote School of Business at McMaster University.

“We are excited to have David join our team. His extensive experience and depth of skill will be invaluable as we continue to grow our ability to service our expanding group of customers with innovative products and services,” said Martin Petrak, PADM Medical Group of Companies CEO. “PADM Medical Canada’s ability to attract the best and the brightest in the Canadian healthcare sector is a testament to the work that our PADM Medical team has done to change the status quo in the healthcare industry as we continue to work towards a more environmentally friendly and sustainable future.”

PADM Medical Group designs and develops medical devices, specifically eco-friendly sustainable medical consumables, and products.

Winpak updates on sustainable packaging innovation

Winpak Ltd. reported Feb. 9 that it has made progress on its commercialization of forming and non-forming recycle-ready films ReForm and ReLam. The new products follow the launch of Winpak’s ReFresh™ Recycle-Ready product portfolio in 2019. The new products have already been distributed to customers in North America.

Winpak provides ReForm and ReLam in multiple gauges from 75 to 275 microns and from 65 to 175 microns respectively, with easy peel options on the non-forming material. Both materials can also contain post-consumer resin content (PCR), certified by the ISCC PLUS standard.

“These revolutionary materials provide a unique advantage to customers looking to make substantial reductions to their carbon footprint and comply with their sustainability pledges”, said Reinaldo Piña, technical product manager, multi-barrier films. “They are available to interested customers in North, Central and South America as we expand our portfolio into new applications everyday.”

Legacy Bowes names new vice president

Donna Bilodeau, vice president, talent acquisition services at Legacy Bowes.
Donna Bilodeau, vice president, talent acquisition services at Legacy Bowes.

Legacy Bowes, the Winnipeg-based HR firm, announced Feb. 10 that Donna Bilodeau has been promoted to vice president, talent acquisition services.

“I’ve built an amazing team of professionals, researchers, and support staff to give our recruitment clients the best possible outcome,” Bilodeau said. “We’ve had great success in assisting our clients by identifying the best candidates for their organizations because we have such a diversely talented team. Their skills and experience allows us to be experts in search and work in a broad spectrum of sectors and industries. Even with the growth we’ve experienced, we have been able to maintain the personalized and boutique approach that Legacy Bowes is known for, which is a testament to our team.”

Bilodeau has been with Legacy Bowes for 16 years and during her tenure built the company’s executive search practice.

“Donna has a strong professional reputation and that’s not only due to her longevity in the Executive Search and Recruitment space, but is a testament to how she does business. She is knowledgeable, skilled at perspective taking, and has a general curiosity, all of which makes her a great leader within the TIPI Group of Companies,” said TIPI Group CEO Nathan Ballantyne. “I’m looking forward to continuing to work with Donna as she transitions into this new role.”

Next Door:

DEEP Earth Energy Production facility announces construction

Kirsten Marcia, DEEP's CEO. Photo provided by DEEP.
Kirsten Marcia, DEEP’s CEO. Photo provided by DEEP.

Saskatoon’s DEEP Earth Energy Production (DEEP) has finalized its strategy for construction of its first geothermal project in southeast Saskatchewan. According to DEEP, engineering and procurement work has begun on the project, and field construction will begin in the third quarter of 2023.

The project is expected to be the “first Canadian 100% naturally sourced geothermal power facility,” planned over two phases. Phase 1 will see the construction of a 25 megawatt (MW) power facility, with 5 MW constructed first with a power purchase agreement with SaskPower. Phase 2 will include another 20 MW at the same location. First power production is expected to start by summer 2024.

“We are a go,” said Kirsten Marcia, DEEP’s CEO. “There is a market that is hungry for truly sustainable, renewable power projects. The technology is proven, the leases are in place and initial government funding is confirmed.”

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