Z Modular Announces the Closure of Its Modular Building Factory in Kitchener, Ontario [Yahoo! Finance]
Cabot Corporation (CBT)
Last cabot corporation earnings: 2/3 04:16 pm
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Source: Yahoo! Finance
This facility manufactures modular units for multi-family housing in Canada. Moving forward, Z Modular will continue to invest and operate its United States facilities strategically located in growing residential markets. The company cited multiple contributing factors leading to the closure of the Kitchener factory, all systematic headwinds working against developers in the Canadian housing market. Public sector inefficiency in the permitting and entitlement process reduces the inventory of land available for housing development and renders land costs too expensive for the development of affordable housing. A developer must either choose to pay too much for developable land or wait too long to go through permitting and entitlement. Financing for modular construction in Canada also proved to be an inefficient and costly process. Under the Rental Construction Financing Initiative, all financing is subject to acceptance by the Canada Mortgage and Housing Corporation (CMHC). Z Modular
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