Canada’s most valuable property could soon be worth more than $1.1-billion
The Globe and Mail’s Andrew Leslie reports that Canada’s government is preparing to sell the country’s most coveted property, its carpet looms, at a price that could be more than double the market value of the company that makes them.
The government’s plan is to make a record $1-million profit on the property, which is owned by the family of Canadian billionaire Sir Laurence Wilton.
It will be sold to a buyer who will use the proceeds to help finance infrastructure projects across Canada.
Mr. Wilton, who died in 2014, was known as a tireless advocate for the poor and the marginalised.
His carpet weaving company was acquired by the Wilton family in 2004, and the company, known as Wilton and Co., has since grown into a national brand with a presence in the U.S. and abroad.
In addition to being a major supplier of carpet looms to Canada, Wilton is the chairman of the Canadian Taxpayers Federation, a conservative group that advocates a conservative approach to government.
The Wilton Company is one of the largest carpet-loom manufacturers in the world, employing more than 1,400 people.
It employs more than 30,000 workers worldwide, according to the company.
“Wilton and co. are a pillar of the carpet industry, and we are thrilled to welcome the company back to Canada,” said Prime Minister Justin Trudeau.
The Prime Minister says the sale of the firm would help fund a national infrastructure plan.
The sale would help the government maintain its commitment to infrastructure spending and boost the economy, Mr. Trudeau said in a statement.
“We have a number of projects we need to support and will continue to support the growth and development of Canada’s economy.”
The Prime Minster’s office did not immediately respond to a request for comment.
The Canadian government will sell the carpet looms at a “substantial” profit, said Mr. Leslie, the author of a new book on Wilton’s business.
The prime minister says the proceeds from the sale will be used to help fund infrastructure projects.
“These investments are vital to Canadian workers, families and communities, as well as to our own economic recovery and our competitiveness in the global marketplace,” the Prime Minister’s office said in the statement.
The carpet looms are made in Canada, and are exported around the world.
The company says it has about 150 employees worldwide.