Companies / Canada
Ford Gets Ontario Handout As Funding Debate Continues
March 2008 | Company Finance AlertThe Ontario provincial government has awarded funding to Ford Motor of Canada to secure a new project at its Essex-based plant and save it from closure. The engine plant will produce new more fuel-efficient V8 engines, while protecting around 300 jobs. Although Ford had initially planned investment of CAD600mn, this relied on injections of CAD30mn each from the provincial and federal governments. While the Ontario government provided its share, federal finance minister Jim Flaherty reiterated the government's stance on not providing direct funding to companies. Ford has now cut back the value of the Essex engine project to CAD170mn.
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