Ontario Helping To Put Chrysler On Sustainable Footing
Government Providing Loan Of $1.258 Billion To Help Automaker Restructure
Ontario is partnering with the Canadian and American governments to restructure Chrysler and help it become stronger and more sustainable.
Ontario's participation will help Ontario families -- particularly those in Windsor, Brampton and in communities throughout Ontario where auto parts are made -- by strengthening the company's competitiveness during this time of global economic crisis.
Ontario is contributing loans to Chrysler worth $1.258 billion, which combined with $2.517 billion from the federal government, brings Canada's total commitment to Chrysler's restructuring to $3.775 billion.
This support is proportional to the US $12.08 billion funding package for Chrysler announced earlier today by President Obama.
- The governments of Canada and Ontario will receive a combined two per cent share in a restructured Chrysler LLC, and Canada will appoint one of nine board members of the restructured company.
- The auto sector in Ontario supports 400,000 jobs.
- Ontario builds more cars than any other state or province in North America.
- Five automakers have assembly plants in Ontario: Chrysler, Ford, General Motors, Honda and Toyota.
“The auto sector sustains thousands of current jobs for Ontario families and supports the pensions of many of our retirees. That’s why we’re partnering with the federal and US governments to put the industry on a more sustainable footing for the long term.”
“We are doing what is necessary to preserve auto jobs in Ontario which are the source of so much prosperity. People will drive cars for the foreseeable future and we are taking action to ensure they are made in Ontario so that everyone can share in the prosperity created by the auto sector.”