Statement by Minister Bains on the Proposed Acquisition of RONA

OTTAWA, ONTARIO--(Marketwired - May 13, 2016) - The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, made the following statement on Lowe's application under the Investment Canada Act to acquire control of RONA:

"I have approved Lowe's application to acquire control of RONA under the Investment Canada Act. As a result of this review, Lowe's has confirmed strong commitments to Canada, which include:

• headquartering its Canadian businesses in Boucherville, Quebec;
• ensuring a significant role for Canadians in the senior management of the businesses;
• maintaining a significant level of employment in the businesses in Canada;
• maintaining the use of the RONA banner within the operations of the businesses and supporting RONA's multi-format retail store format;
• maintaining RONA's dealer-owner model and enhancing marketing and merchandising support to dealer-owners;
• ensuring that RONA continues to follow socially responsible procurement practices;
• supporting and enhancing RONA's "omni-channel" retail strategy including through investments in e-commerce and mobile capabilities; and
• ensuring continued support of Canadian communities through RONA and Lowe's charitable contributions and community investments.

"Foreign investment transactions are reviewed on their merits and the overall economic benefit to Canada. In this case, consultations were undertaken with the province of Quebec.

"Foreign investment is an important driver of innovative, economic growth and development in the Canadian economy. A more innovative Canada includes competitive Canadian companies that are connected to global value chains and contribute to growing our economy and strengthening the middle class. Our government is pleased that companies like Lowe's continue to invest in Canada."

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