GM, government, invest in engineering (March 03, 2005)
General Motors of Canada, along with the Ontario and federal governments, announced a $2.5 billion investment that...
General Motors of Canada, along with the Ontario and federal governments, announced a $2.5 billion investment that will increase automotive-related research at several universities and create the first post-secondary degrees in automotive engineering. The investment, called the Beacon Fund, will specifically direct money to eight Canadian universities, where it will be used to create research chairs and train automotive engineers.
At a ceremony held at GM Canada’s Oshawa, ON No. 1 car assembly plant, GM Canada president Michael Grimaldi said the investment is critical to helping the company compete in a global environment with production overcapacity.
Part of the investment will be used to upgrade several of GM Canada’s manufacturing plants. Some of the money will be used to turn one of the company’s car assembly plants in Oshawa into a flexible manufacturing facility.