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The government said that it would invest up to $80 million in Ford Motor Co.'s (NYSE: F | Quote | Chart | News | PowerRating) Canadian facilities in Windsor, Ontario.
Under terms of the agreement, GM will put about $245 million into its St. Catharines plant to make fuel-efficient 6-speed front-wheel drive transmissions, which would support more than 300 jobs.
In Oshawa, where the company recently disclosed that it was shuttering its truck plant, eliminating 2,600 jobs, GM has agreed to build a mid-sized hybrid vehicle at its car plant. The automaker will also commit $40 million for environmental research at its Canadian engineering center, also in Oshawa.
The Canadian government is not required to contribute any new funds. The government instead, said that it would not trigger early repayment of loans it provided GM under a 2005 agreement, of around $200 million, that hinged on minimum employment targets, which GM will not meet due to the truck plant closure.
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