Repayment of Loans Good News for Industry, says CAW President
April 21, 2010, 1:09 PM EST
CAW President Ken Lewenza said today's announcement that General Motors has repaid government loans in Canada and the U.S. is another positive sign that the domestic auto industry is beginning to recover.
"The repayment of the loans is further proof that the money for the auto industry was indeed a loan, not a bail-out as it was commonly called," said Lewenza.
"Timely intervention by the federal and Ontario government was crucial in saving tens of thousands of jobs in the major auto and auto parts industry right across Canada." said Lewenza. "Without this support, many communities would have been devastated - making the recession even worse for thousands of families."
Although the operating loans will now be paid off, Lewenza urged continued support for the auto industry, and the maintenance of a manufacturing footprint here in Canada.
"The rapid response by government more than a year ago was a clear indication that this industry is important for the economy of our country," said Lewenza.