GM pledges to invest $290 million at Ontario plant

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Filed under: GM, Canada
Fresh from the news that Ford would be investing cash into its Canadian facilities, our friends north of the border got even more good news, this time from GM. The General is investing $290 million in all, including $245 million at its St. Catharines plant, which will make six-speed transmissions. The move will ensure the employment of the 300 workers at the facility. GM also plans to invest $40 million for environmental research at its Canadian engineering center in Oshawa. GM also announced that it would be building a hybrid vehicle at its Oshawa car plant at an undisclosed future date.

The Canadian government is showing its gratitude by not requiring early payment for $200 million in loans that is owed by the General. The loan was triggered early when GM announced the closure of its Oshawa truck plant, meaning the General wouldn't meet minimal employment targets.

[Source: Tradingmarkets]
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