Details of bail out package for Winnipeg's Motor Coach Industries released
The province of Manitoba is giving Motor Coach Industries a $9.5 million loan to help keep the bus manufacturer in Winnipeg.
The loan is part of a $20-million plan released Friday by the company and three levels of government.
The various governments are putting up grants of $5 million for employee training, plant expansion and equipment. The federal government is putting $5 million into equipment and research and development.
The company, which is headquartered in Illinois but has been doing business in Winnipeg for 70 years, threatened last March to leave the city unless all three levels of government agreed to millions of dollars in incentives.
- FROM March 15, 2002: Motor Coach Industries to shut Winnipeg plants; 1,300 jobs lost
A bailout agreement was reached, in principle, last spring, but no dollar figure was ever given. Winnipeg city government agreed in April to give $1 million to the company.
Motor Coach Industries said Friday it plans to consolidate production and engineering for its inter-city models into one large manufacturing facility. Details were not immediately if any jobs will be lost in the consolidation.