Toronto, Ontario — In this weekly Tuesday Ticker, IAA has announced that it has launched a new market alliance with North America Trading L.L.C. in the country of Oman; while Northvolt says that its Quebec battery plant will proceed despite Chapter 11 bankruptcy filing in the United States.
A Middle Eastern merging
Last Thursday, RB Global Inc., announced that IAA has launched a new market alliance with North America Trading L.L.C. in the country of Oman.
As noted in a recent press release, through this agreement, IAA will open auction centers in three cities strategically located throughout Oman by the end of 2025. The goal of this strategic alliance is to reaffirm IAA’s commitment to expanding its global buyer base by providing local services and assistance in new markets.
Scott Guenther, senior vice president, North America Operations at IAA commented that “we are excited to expand our international customer base with IAA’s new market alliance in the Middle East. North America Trading has an excellent reputation and team located in Oman who will help IAA connect with a base of new buyers. Through market alliances, IAA continues to seek new opportunities to drive international growth and demonstrate strong price performance.”
Additionally, Kastytis Latvys, president and owner of Atlantic Express Corporation, parent company of North America Trading L.L.C. commented that “we look forward to helping IAA streamline the process of buying and importing vehicles for customers in Oman. In collaboration with IAA’s technology, our team will support local customers in purchasing vehicles tailored to their unique needs and preferences.”
Continued circuitry
Northvolt AB has filed for bankruptcy protection in the United States, but the company said last Thursday that the move will not interfere with the planned electric vehicle battery plant in Quebec.
However, despite this assurance, according to a report from CTV News, while the project will continue, hundreds of millions of taxpayer dollars invested in the parent company could be lost.
The news source further noted that Northvolt’s Canadian subsidiary is financed separately and “will continue to operate as usual outside of the Chapter 11 process.”
The Northvolt plant, dubbed Northvolt Six and slated for construction about 25 kilometres east of Montreal, is a seven billion dollar undertaking aiming to supply battery cells and cathode active material for electric vehicles.
Paolo Cerruti, Northvolt co-founder and CEO of Northvolt North America, which oversees the project, told CTV News in an interview that he “sees no reason today to think that we won’t do it as planned. Activity on the site is daily and very intense, and there are trucks every day and around 150 people working.”
Moreover, Quebec Economy Minister Christine Fréchette commented at a news conference on Thursday that “this was not the desired scenario, no one is hiding it, we would have liked it to proceed differently.”
