Canadian Autoparts Maker Linamar to Add 1,200 New Ontario JobsGerrit De Vynck
Linamar Corp., the Canadian autoparts maker, will invest C$507 million ($426 million) to develop a new line of transmissions, adding 1,200 jobs in Ontario.
The Canadian government will fund about 10 percent of the project, as will the Ontario government, according to statements today.
“This investment will create new well-paying jobs for Ontarians and increase our country’s ability to compete internationally for new auto sector investment,” federal Industry Minister James Moore said in a statement.
As falling oil prices pull down the price of the Canadian dollar, prospects are increasing for the country’s manufacturing sector, which exports much of its output to the U.S.
The dollar has fallen 10 percent to about 84 U.S. cents in the last six months and the country added 41,000 manufacturing jobs between June and November last year.
The federal government said last month it would invest C$300 million in Pratt & Whitney Canada Corp. to develop new jet engines, supporting 1,500 jobs in Quebec and Ontario in the next five years.
Linamar, based in Guelph, Ontario, fell 0.4 percent to C$68.50 at 9:51 a.m. in Toronto.