Two of Canada's trusted brands come together to offer
more value and convenience for Canadians
- Partnership between Triangle Rewards and
Petro-Points™ will increase value for
customers
- 200+ Canadian Tire Gas+ retail fuel sites to be rebranded to
Petro-Canada
- Suncor to become primary fuel provider to the Canadian Tire
network – resulting in a 17% increase in retail fuel sales volume
for Petro-Canada
TORONTO and CALGARY,
AB, May 3, 2023 /CNW/ - Canadian Tire
Corporation, Limited ("CTC") (TSX: CTC) (TSX: CTC.A) and
Petro-Canada, a Suncor (TSX: SU) (NYSE: SU) business, today
announced a new partnership that will enhance the customer
experience at their fuel stations across the country. The
partnership will drive additional value for millions of loyalty
members, establish a competitive fuel source for CTC and long-term
fuel supply arrangement for Suncor, and increase the presence of
Petro-Canada branded stations across the country.
The partnership consists of three core areas that will drive
value within CTC's and Petro-Canada's respective networks:
- Loyalty programs: A partnership between two iconic
Canadian brands' loyalty programs, Triangle Rewards, with more than
11 million active members, and Petro-Points™, with more than 3
million active members, will deliver expanded benefits to
Canadians. Each company will retain full ownership and control of
its respective loyalty program.
- Retail fuel network: Over 200 of CTC's Gas+ retail fuel
network sites will be rebranded to Petro-Canada stations, while
maintaining CTC ownership. This rebrand is expected to enhance
existing site productivity, give Petro-Canada's
SuperPass™ commercial fleet program customers access to CTC's
network of stations, and unlock future opportunities for CTC to
leverage Suncor's scale and operating infrastructure, including
providing more products and services to customers, such as low
carbon energy alternatives.
- Fuel supply: Suncor will become the primary fuel
provider to CTC's retail fuel network over time, eventually
supplying more than one billion litres of fuel to the Canadian Tire
retail fuel station network annually. This will result in a 17%
increase in retail fuel sales volume for Petro-Canada compared to
2022 and will allow CTC to streamline its sourcing of fuel with
Suncor, Canada's leading
integrated energy company.
"Through this new partnership, Canadian Tire Corporation will
expand the reach of our Triangle Rewards program from over 200 gas
stations to a network of more than 1,800, driving enhanced value
for Canadians at the pumps by providing more opportunities for
members to earn CT Money ® in a high-frequency
category," said Greg Hicks,
President and CEO, Canadian Tire Corporation. "This is yet another
way we're creating valuable relationships through the power of
Triangle, which is a key component of our growth strategy."
"This partnership is a tangible example of our commitment to
optimize our retail network and expand strategic partnerships for
Petro-Canada. It brings together Petro-Canada, the leading and most
trusted gas station brand in Canada, with Canadian Tire Corporation, an
iconic Canadian retailer," said Rich
Kruger, President and Chief Executive Officer, Suncor. "This
will provide long-term value to our shareholders by securing a
long-term supply relationship for our refineries, while continuing
to build on our brand."
Canadians can expect to see the launch of the loyalty
partnership in the fall of 2023. Gas+ retail fuel stations will be
rebranded over the next several years.
Legal Advisory – Forward-Looking Statements
This news release contains certain forward-looking
information and forward-looking statements (collectively referred
to herein as "forward-looking statements") within the meaning of
applicable Canadian and U.S. securities laws.
Forward-looking statements are based on Suncor's current
expectations, estimates, projections and assumptions that
were made by the company in light of its information available at
the time the statement was made and consider Suncor's experience
and its perception of historical trends. Forward-looking statements
in this news release relate to Suncor's expectations, timing and
plans regarding the partnership between Suncor and CTC, including
the expectation that it will provide long-term value to its
shareholders by securing a long-term supply relationship for its
refineries while continuing to build on its brand. Forward-looking
statements are not guarantees of future performance and involve a
number of risks and uncertainties, some that are similar to other
oil and gas companies and some that are unique to Suncor. Suncor's
actual results may differ materially from those expressed or
implied by its forward-looking statements, so readers are cautioned
not to place undue reliance on them. Suncor's Annual
Information Form, Annual Report to Shareholders and Form 40-F, each
dated March 6, 2023, and other
documents it files from time to time with securities regulatory
authorities describe the risks, uncertainties, material assumptions
and other factors that could influence actual results and such
factors are incorporated herein by reference. Copies of these
documents are available without charge from Suncor at 150 6th
Avenue S.W., Calgary, Alberta T2P
3E3; by e-mail request to invest@suncor.com; by calling (800)
558-9071; or by referring to suncor.com/FinancialReports or to the
company's profile on SEDAR at sedar.com or EDGAR at sec.gov. Except
as required by applicable securities laws, Suncor disclaims any
intention or obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
The forward-looking statements contained herein provide
insights regarding CTC management's current expectations and plans
regarding the partnership between CTC and Suncor. Readers are
cautioned that such statements may not be appropriate for other
purposes. Although CTC believes that the forward-looking statements
in this press release are based on information, assumptions and
beliefs that are current, reasonable, and complete, such statements
are necessarily subject to a number of business, economic,
competitive and other risk factors that could cause actual events
or results to differ materially from management's expectations and
plans as set forth in such forward-looking statements. For
information on the material risk factors and uncertainties and the
material factors and assumptions applied in preparing the
forward-looking statements that could cause CTC's actual events or
results to differ materially from such expectations and plans,
refer to section 11.0 (Key Risks and Risk Management) of CTC's
Management's Discussion and Analysis for the Fourth Quarter and
Full-Year ended December 31, 2022 as
well as CTC's other public filings, available at
http://www.sedar.com and at https://investors.canadiantire.ca. CTC
does not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time by it
or on its behalf, to reflect new information, future events or
otherwise, except as is required by applicable securities
laws.
Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC)
or "CTC", is a group of companies that includes a Retail segment, a
Financial Services division and CT REIT. Our retail business is led
by Canadian Tire, which was founded in 1922 and provides Canadians
with products for life in Canada
across its Living, Playing, Fixing, Automotive and Seasonal &
Gardening divisions. Party City, PartSource and Gas+ are key parts
of the Canadian Tire network. The Retail segment also includes
Mark's, a leading source for casual and industrial wear; Pro Hockey
Life, a hockey specialty store catering to elite players; and
SportChek, Hockey Experts, Sports Experts and Atmosphere, which
offer the best active wear brands. The close to 1,700 retail and
gasoline outlets are supported and strengthened by CTC's Financial
Services division and the tens of thousands of people employed
across Canada and around the world
by CTC and its local dealers, franchisees and petroleum retailers.
In addition, CTC owns and operates Helly Hansen, a leading
technical outdoor brand based in Oslo,
Norway. For more information, visit
Corp.CanadianTire.ca.
Petro-Canada, a Suncor business, operates more than 1,500
retail stations and 300 Petro-Pass wholesale locations nationwide,
including 61 marketing arrangements with Indigenous communities. In
2019, Petro-Canada opened Canada's
Electric Highway™, a coast to coast network of electric vehicle
chargers. In 2020, the Petro-Canada CareMakers Foundation™ was
launched to help support Canadian caregivers. Petro-Canada's retail
loyalty program, Petro-Points™, provides Canadians with the
opportunity to earn and redeem rewards. Petro-Canada is proud to be
a National Partner of the Canadian Olympic and Paralympic
committees, supporting Canadian athletes, coaches and their
families for more than 25 years.
Suncor is Canada's leading
integrated energy company. Suncor's operations include oil sands
development, production and upgrading, offshore oil and gas
production, petroleum refining in Canada and the
United States and the company's Petro-Canada retail and
wholesale distribution networks, including Canada's Electric Highway, a coast-to-coast
network of fast-charging EV stations. Suncor is developing
petroleum resources while advancing the transition to a
low-emissions future through investment in power, renewable fuels
and hydrogen. Suncor also conducts energy trading activities
focused principally on the marketing and trading of crude oil,
natural gas, byproducts, refined products and power. Suncor has
been recognized for its performance and transparent reporting on
the Dow Jones Sustainability index, FTSE4Good and CDP. Suncor's
common shares (symbol: SU) are listed on the Toronto and New
York stock exchanges.
SOURCE CANADIAN TIRE CORPORATION, LIMITED