OTTAWA, December 5, 2008 — Today, the Honourable Tony Clement, Minister of Industry, and the Honourable Michael Bryant, Ontario's Minister of Economic Development, confirmed they have received restructuring plans, as requested, from Chrysler Canada Inc.; Ford Motor Company of Canada, Limited; and General Motors of Canada Limited.
"I am happy to have received these plans today as they are a part of our due diligence," said Minister Clement. "Before committing taxpayer dollars, we need to review the plans to ensure that they have met our requirements and contain a long-term solution that sustains the industry in Canada."
"We will now do all the necessary due diligence work to safeguard public dollars as we determine the best way to move forward to secure jobs and preserve prosperity," said Minister Bryant.
In letters sent to the auto companies by ministers Clement and Bryant last week, it was requested that the plans include:
- a strategic analysis of the respective companies' restructuring plans for their Canadian operations
- details on their cash holdings
- an analysis of their Ontario pension liability
- an examination of how any restructuring would affect auto parts manufacturers
- proposals for new fuel-efficient cars
- an analysis of Canadian and Ontario competitiveness vis-à-vis the respective companies' global operations
Special advisor Jim Arnett will also do a thorough evaluation of the companies' restructuring plans and will advise the governments of Canada and Ontario accordingly.
For further information (media only), please contact:
Pema Lhalungpa
Press Secretary
Office of the Honourable Tony Clement
Minister of Industry
613-995-9001
Media Relations
Industry Canada
613-943-2502
Greg Crone
Office of the Honourable Michael Bryant
Minister of Economic Development of Ontario
416-326-9345
