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Written by Kieran Delamont, Associate Editor, London Inc.
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Trudell Medical to acquire Vyaire Medical RDx
Trudell Medical Limited has reached an agreement to purchase the RDx business unit of Illinois-based Vyaire Medical. RDx manufactures respiratory diagnostic products that are used in hospitals and private clinics worldwide, and Trudell’s Healthcare Solutions division already distributes Vyaire’s respiratory, diagnostics and ventilation solutions within the Canadian healthcare system. According to Trudell, it intends to operate RDx as a separate business unit and maintain operations in Germany and California. “We welcome the opportunity to add Vyaire RDx’s people, products and passion to our Trudell Medical family,” said George Baran, executive chair, Trudell Medical Limited. The purchase is subject to court approval and is expected to close in the coming months.
The upshot: Earlier this year, Vyaire Medical filed for Chapter 11 bankruptcy protection and has since focused on maintaining services to customers and selling its business units to stable, well-capitalized buyers. This acquisition helps ensure the continuation of service to RDx customers, and will expand Trudell Medical’s already strong market position in aerosol drug delivery and lung health devices to include respiratory diagnostics. “Trudell have been an outstanding distribution partner for Vyaire RDx in Canada,” said Vyaire RDx CEO Will Throp. “This well-established relationship serves as a firm foundation for Vyaire RDx to become part of the Trudell family, which has clearly aligned values and shared business objectives.”
Read more: Yahoo Finance | TechDogs
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OPP raid two Indigenous-run grey market pot shops
Two Indigenous cannabis stores in London were raided by the OPP on Tuesday. Spirit River’s two unsanctioned locations in town ― its trailer at 72 Wellington Street and its downtown store at 685 Richmond Street (pictured) ― remained closed this week after having its product seized. Both stores have tried to argue that they are operating “medicinal cannabis trading posts” on traditional Indigenous territory. Spirit River’s owner, Maurice French, has also claimed that they are following regulatory standards set out by the Northshore Anishabek Cannabis Association ― an argument that has not, so far, convinced the actual regulatory authority in charge, the Alcohol Gaming Commission of Ontario, to allow them to operate. OPP said they would be releasing more information on the raids, including what charges are being brought, in the near future.
The upshot: The game of cat-and-mouse continues. Across the province, unlicensed Indigenous pot shops have pushed the boundaries of what police and the regulator will tolerate, having benefitted from an ability to undercut the approved market on price and selection (they have also become more of a presence in urban areas over the past few years). The Ontario government has started to get more serious about cracking down on it, though, providing a Provincial Joint Forces Cannabis Enforcement Team with $31 million in funding earlier this year ― a move applauded (and lobbied for) by big players in the retail cannabis sector. The owner of the Mississaugas of the Credit Machine Wheel chain of stores, Ken Hughes, told an Indigenous cannabis news outlet he believes “this is probably from complaints and pressure from other stores.” Police across the country are starting to increase their enforcement against Indigenous cannabis shops, just as court cases surrounding the legality start to work their way up the justice system.
Read more: London Free Press | StratCann
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Six area manufacturers to share $7.7-million investment from FedDev Ontario
Six manufacturing companies in Southwestern Ontario are getting a piece of a $7.7-million interest-free loan from FedDev Ontario, as the government agency looks to support the local manufacturing and supply chain sectors. London-based Edge Automation (pictured) is one of the companies ― they build machine components used in automotive and industrial production and are set to receive $1.1 million to support a $2.5-million planned expansion ahead of expected EV production in the region, as well as hire six additional employees. London-based metal manufacturer Tradeline Products Inc. is also a recipient and will use the funds to expand its production of products for office and outdoor furnishings, logistics, transportation and HVAC sectors.
The upshot: Not surprising that Canadian manufacturing is getting a bit of extra attention and cash from FedDev ― while the Canadian economy as a whole isn’t in recession, our manufacturing sector notched its fourth straight month of decline in June, something the government will be keen to see reversed. “Manufacturing has always played a critical role in London and the wider Southwestern Ontario region,” said Peter Fragiskatos, local MP for London North Centre. “It is vital for governments to support its continued evolution.”
Read more: CTV News London | FedDev Ontario
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Seven executives shown the door as LHSC looks to rein in budget deficit
The cuts have begun at the London Health Sciences Centre with at least seven top executives shown the door as the hospital looks to make a dent in a projected $150-million budget deficit. The seven departed executives are: Brad Campbell, corporate hospital administration executive; Sandra Smith, regional vice-president for the southwest regional cancer program; Abhi Mukherjee, the CFO; John French, a clinical diagnostic executive; CJ Curran, a corporate health disciplines executive; Dipeh Patel, capital redevelopment and environmental operations executive; and Jatinder Bains, corporate academic executive. The cuts were announced as part of a corporate overhaul that is expected to slash the number of executives from 20 to 10 over the next couple of months. Cuts were widely expected after interim CEO David Musyj was brought in from Windsor to oversee a transitional period after years of unsteadiness at the top of LHSC.
The upshot: Cue the sigh of relief from frontline staff at the hospital, many of whom feared that Musyj’s approach would be to come in and start cutting nurses and patient-facing staff. The president of COPE Union Local 468, which represents hospital office staff, said they thought it was the right place to be cutting from. “They were so top heavy, they really needed to do this,” said Corey LaRose, local president. “They had managers managing managers. These are huge salaries, and this is where cuts had to come from.” He also said that they see it as a “sign of good faith,” from Musyj. The fired executives were paid a cumulative $2.3 million in salary.
Read more: CBC News London | CTV News London
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WSIB investing in new scholarship programs at Fanshawe and Western
The Workplace Safety and Insurance Board (WSIB) is putting up $3 million for scholarship programs at Fanshawe College and Western University for the next five years. The scholarships will support 105 students at Fanshawe, in programs ranging from business to nursing and information technology, plus 65 students at Western in disciplines like data science, occupational therapy and nursing. “Partnering with the WSIB is a significant achievement for Fanshawe, our students, and the broader London community,” said Fanshawe’s VP of corporate strategy, Jeff Wright. Western president Alan Shepard added, “This investment will help students develop the professional skills to become leaders who will make an impact locally and around the world.”
The upshot: It’s nice to show up to town bearing gifts ― or in this case, scholarship funding. “With our new head office opening here in 2025, we are making a strong commitment to this community and creating job opportunities in London,” said WSIB president Jeff Lang. “We’re investing in our future and the future of this community. We want a strong local pipeline of talent to support our mission to help people who are injured at work and reduce the impact of workplace injuries and illnesses on people and businesses in Ontario.” The WSIB appears to be on track to open their new London headquarters in the former 3M Canada campus on Tartan Drive at some point in 2025; the WSIB tells us they don’t have any news to share yet as to when the office will officially be open.
Read more: WSIB
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Western University receives major donation in support of entrepreneurship programming
Western University also announced a major donation from Perry Dellelce and the Dellelce family this week, one that has seen the Western bookstore renamed the Dellelce Family Bookstore (pictured with Western staff). The donation establishes the Susan, Perry, Taylor and Nicholas Dellelce Strategic Priorities Fund, which the school says will “support projects and programs that enhance teaching, research and scholarship, and will also be used to enhance Western’s capacity to deliver entrepreneurship programming across campus.” Dellelce, a 1985 alum, is the founder and chairman of Toronto-based WD Capital Markets, as well as a founder of Wildeboer Dellelce LLP, a corporate law firm.
The upshot: The Dellelce family is clearly one with a strong emotional connection to Western, and Sue Dellelce was happy to see their name on the bookstore. “Having our name on the bookstore gives people an idea of a family who wanted to contribute and be part of the day-to-day life of students,” she told Western News. Perry Dellelce also said he was pleased to know that the gift was going to be put towards the school’s effort to work entrepreneurship programming into a wide range of disciplines. “The beauty of Western’s entrepreneurial program is that it crosses all disciplines and academic backgrounds,” he said. “That aspect is very attractive to us.”
Read more: Western News
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Dispatch: August 23, 2024
A summary of recent business appointments and announcements, plus event listings for the upcoming week.
View listings here
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