News has broken of Ford’s massive investment into Canada which collectively exceeds $1.2 billion.
The total amount has been split into 3 investments, all geared towards new vehicle production, engine research and worker wage increases.
A $530 million has been granted for the renovation and modernisation of the company’s factories in Canada. A further $613 million is headed for Ford’s Windsor engine plant, where a new program for “bigger displacement engines”.
Furthermore, the Ford’s assembly plant in Ontario will also receive $100 million, also set towards upgrades in and around the factory.
This enormous deal was struck on Monday when Canadian union Unifor met with Ford.
Factory workers will also benefit from this investment with a $6,000 bonus, 2% wage increase for veteran workers, and a $2,000 lump sum which provides a year-on-year pay increase, for 10 years, for new workers.
In all, a good day for the Canadian automotive sector!