St. Catharines engine plant to get massive invesment
Published on Tuesday, April 27, 2010
General Motors Canada has confirmed it will invest $235 million at its St. Catharines, Ont., engine plant, reports say.
The move, just one slice of a broad investment announcement by the company today, is expected to secure up to 400 jobs at the southern Ontario facility.
Four additional plants are slated to see a combined $890 million in investment money as the auto giant works on developing fuel-efficient technology.
“This marks another positive step forward in our strategy to deliver powertrain technologies that improve fuel-efficiency while meeting the needs of our customers,” Kevin Williams, president, GM Canada told Canadian Press.??GM plants in Tonawanda, N.Y.; Defiance, Ohio; Bedford, Ind.; and Bay City, Mich., will also see upgrades.
News of the investment comes just days after the auto giant had finished repaying the U.S., Canadian federal and Ontario provincial government money it had accepted during company restructuring last year.
The payments came five years ahead of schedule and well ahead of analysts’ estimates.
Source : The Canadian Press