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March 3, 2003

CANADA: GM signs deal with Quebec government aimed at increasing supply contracts

General Motors of Canada on Friday said it had signed an agreement with the Quebec government aimed at increasing to $C1.2 billion ($US811 million) from $C800 million the supply contracts it gives in Quebec, Reuters reported. Reuters said that GM's decision follows months of negotiations with public officials after the closure last year of the company's Camaro and Firebird plant in Ste-Therese, the only car plant that was left in the province.

By bcusack

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General Motors of Canada on Friday said it had signed an agreement with the Quebec government aimed at increasing to $C1.2 billion ($US811 million) from $C800 million the supply contracts it gives in Quebec, Reuters reported.

Reuters said that GM’s decision follows months of negotiations with public officials after the closure last year of the company’s Camaro and Firebird plant in Ste-Therese, the only car plant that was left in the province.

GM also agreed to give $C10 million in the next five years to university research programmes on lightweight materials applications, Reuters added.

In return, Reuters said, the Quebec government pledged $C280 million in financial aid to suppliers and another $C10 million for research on lightweight materials. Quebec also said it would press other carmakers to increase their business with Quebec-based suppliers by $C400 million, the report added.

“Cumulatively, these efforts could increase the annual purchases of parts and sub-systems from $C1.6 billion to $C2.4 billion,” Deputy Premier Pauline Marois said in a release, Reuters said.

Reuters noted that the agreement also calls for the birth of another acronym, the QAP, which stands for Quebec Auto Partnership. This venture, formed under the umbrella of the Societe generale de Financement, a government economic development agency, will be responsible for co-ordinating all the investments projects and helping Quebec suppliers to get access to government aid.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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