General Motors (IW 1000/13) made good Tuesday on a condition of its 2009 Canadian government bailout, announcing it will spend Can$850 million (US$833 million)on research and development in Canada.
The company had pledged to spend the funds between 2009 and 2016, up from about Can$25 million annually, as well as maintain 16% of its North American production in the country, in exchange for a Can$10 billion bailout.
"Since 2009, employees at our Canadian Engineering Center have generated nearly 100 records of invention which allow us to offer better solutions for our customers, helping GM to design, build and sell the world's best vehicles," GM Canada president Kevin Williams said.
Prime Minister Stephen Harper, who was on hand for the announcement at the Canadian Engineering Center in Oshawa, Ontario, praised GM for "driving made-in-Canada innovation, increasing our ability to compete internationally and creating high-paying, stable jobs."
The research and development will focus on light-weighting materials, mechatronics, software and communications, and will link with Canadian universities.
Copyright Agence France-Presse, 2012