Canada's Auto Industry: Reshaping for the Future

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Good afternoon.

I'd like to thank Premier McGuinty for his dedicated partnership between our governments on this very important issue for the Ontario and for the Canadian economy.

We have a lot at stake, and there's been tremendous work between our governments.

I also want to thank my own Minister Tony Clement and his officials who have spent countless hours of this with their Ontario counterparts.

So, thank you, everybody, for all of that effort.

Earlier today President Obama and I issued a joint statement on coordinated American and Canadian financial support for Chrysler's restructuring plans.

I remind you that four months ago, faced with the dramatic restructuring of the automobile industry, we embarked on this course of action, coordinated action with the United States to ensure we retain Canada's share of the North American production in this country.

In cooperation with the US Government, we set very strict conditions that Chrysler and stakeholders had to respect in order for the government to provide them with resources to help Chrysler out.

Unions, management and financial institutions all made the necessary sacrifices to ensure the long-term viability of this company.

As a result I'm announcing today that the Governments of Canada and Ontario will be providing approximately $3.8 Billion in loans and shares.

In exchange for this support, Canada will appoint an independent director to the board, guaranteeing that Canadian taxpayers' interest will be protected.

This initiative and this funding are proportional to what the Government of the United States is doing.

The American Government set out stringent conditions in order for our governments to lend our resources to their renewal efforts.

In fact, one month ago we rejected their then restructuring plans.

Since then Chrysler's management, unions and financial institutions have made the sacrifices necessary to ensure the long-run viability of the company.

We have been working closely with the Obama Administration and we'll continue to do so as Chrysler works to better align its product mix with consumer demand.

Chrysler was once one of the world's foremost automotive companies.

As a result of this restructuring plan, and its new partnership with fiat, we are confident that it will become one once again.

While this situation is not ideal, this is the best way forward for the Canadian economy.

And I want to recognise that all stakeholders, but most especially the company's workers, have come together and made some very difficult choices.

And I want to thank those workers. We know that you have made great sacrifices.

We know these decisions could not have been easy, but without your efforts and these sacrifices, today's announcement and the better future that it brings simply would not have been possible.

And we want to work with you to ensure that you succeed in this better future.

I'd now like to invite Premier McGuinty to the podium.

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