General Motors invests $740 million, saving a plant set to be closed in 2008
General Motors will build the new Camaro at its Oshawa, Ont., No. 2 plant, saving about 2,700 jobs.
The plant was scheduled to close in 2008, but now the plant will stay open and begin production of the muscle car in two years.
As part of the deal the Canadian Auto Workers union agreed to 2,500 early retirements to reduce costs and GM said it will invest about $740 million to make the plant a more flexible operation.
Last year the federal and Ontario governments invested $435 million into GM's Ontario plants to help make the plants more flexible so they could produce numerous models.
GM stopped making the Camaro four years ago, which put 1,000 workers of a Ste-Therese, Que., plant out of work. Earlier this month, GM's CEO Rick Wagoner announced the decision to bring back the car, loosely based on the 1969 version, and the automaker expects to sell about 100,000 of them a year.
The plant was scheduled to close in 2008, but now the plant will stay open and begin production of the muscle car in two years.
As part of the deal the Canadian Auto Workers union agreed to 2,500 early retirements to reduce costs and GM said it will invest about $740 million to make the plant a more flexible operation.
Last year the federal and Ontario governments invested $435 million into GM's Ontario plants to help make the plants more flexible so they could produce numerous models.
GM stopped making the Camaro four years ago, which put 1,000 workers of a Ste-Therese, Que., plant out of work. Earlier this month, GM's CEO Rick Wagoner announced the decision to bring back the car, loosely based on the 1969 version, and the automaker expects to sell about 100,000 of them a year.
