Ontario's Investment In Chrysler Pays Off For Families
McGuinty Government Loan Repaid, Auto Sector Strong
Premier Dalton McGuinty personally congratulated Chrysler Group CEO, Sergio Marchionne, for the car company's payment of its Ontario loan -- six years ahead of schedule.
McGuinty thanked the company for its commitment to Ontario on behalf of taxpayers and families who depend on the auto sector. Chrysler paid $567 million, including $6 million in interest, last week.
Ontario partnered with the Canadian and American governments to support the restructuring of Chrysler that saved thousands of jobs and kept the automaker in Canada. Ontario provided restructuring assistance to Chrysler in 2009.
The company recently announced five new production launches at its Brampton and Windsor facilities, plus an investment at its Etobicoke casting plant.
Strengthening the auto sector, with government, industry and Ontarians all doing their part, will preserve and create jobs for families. The auto sector accounts for over three per cent of Ontario's GDP.
- Chrysler Canada directly employs about 9,000 people in Ontario and supports thousands of related jobs in the auto sector.
- Five automakers have assembly plants in Ontario: Chrysler, Ford, General Motors, Honda and Toyota.
- Jobs in Ontario are coming back at a faster rate than in the U.S. and many other places in the world.
“We made the right decision to help Chrysler. We have the best workforce and auto assembly plants anywhere and I'm proud of what we've accomplished together.”
“Today's event is an opportunity to specifically thank the people of Ontario and its provincial leaders, beginning with Premier Dalton McGuinty, for the lifeline extended to our company and our employees. We have deep roots in Ontario and our futures are intertwined. Every single day for these past two years, we have been conscious of the moral responsibility we had to justify the faith shown by our government supporters.”
“Ontario's support was always about protecting jobs and providing stability for Ontario families and communities across the province. We congratulate Chrysler and will continue working with the industry to strengthen our position as a North American automotive leader.”
“Ontario was there for Chrysler and the thousands of people who work for the company when they needed us most. This latest good news from Chrysler shows the company is turning the corner in terms of viability and market confidence.”