Ontario Helps General Motors Restructure



    Government Providing $3.5 Billion To Help Automaker Gain Solid Footing

    TORONTO, June 1 /CNW/ -

    NEWS

    Ontario is partnering with the Canadian and American governments to
restructure General Motors, saving thousands of jobs and keeping the automaker
in Canada.
    Ontario is contributing support to GM worth $3.5 billion. Combined with
the federal government's $7.1 billion contribution, Canada's total commitment
to GM's restructuring is $10.6 billion. This funding will help GM through this
global economic crisis and allow it to restructure into a stronger, greener
and more cost-competitive automaker.
    The government support means jobs for the thousands of Ontario workers
directly employed by GM Canada and stability for the auto industry and the
communities that depend on it.

    QUOTES

    "We are working together with the federal governments of the United
States and Canada to help put GM on sound footing for future growth in
Ontario. We will continue to do everything we can to protect our people, our
industry and our interests."
    - Premier Dalton McGuinty

    
    QUICK FACTS

    -   Under the restructuring plan, Ontario will have 16 per cent of
        GM's North American production.

    -   Ontario will have 3.8 per cent ownership in General Motors.

    -   The auto sector in Ontario supports 400,000 jobs.

    -   If GM were liquidated, an estimated 85,000 Ontario jobs would be
        lost.

    -   Ontario builds more vehicles than any other state or province in
        North America.

    -   Five automakers have assembly plants in Ontario: General Motors,
        Chrysler, Ford, Honda and Toyota.

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                                                      ontario.ca/premier-news
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For further information:

For further information: Premier's Media Office: (416) 314-8975

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