Despite Canada's slow employment growth in recent months, Ontario's auto industry is looking toward a brighter future.
Reuters reported that Linamar Corps, an auto-parts manufacturer founded in Canada, will be adding over 1,000 jobs to its plant in Guelph, Ontario. The company will invest CA$507 million, while the Canadian federal government and Ontario's government will each make a 10 per cent contribution. According to Bloomberg, Linamar is increasing its workforce in order to create a new line of transmissions. With the addition of these jobs, the company will employ about 6,900 people.
According to Reuters, the organization has facilities in Asia and Europe as well as the Americas, amounting to 45 plants in total. Linamar has nearly 20,000 employees worldwide.
Bloomberg explained that though the Canadian dollar continues to decline along with oil prices, this could mean significant growth for the country's manufacturing sector. Since many goods produced in the nation are exported to the U.S., which has recently been experiencing labor and economic growth, demand is expected to grow. The source noted that even as the nation's currency fell to equal 84 America cents, the manufacturing sector expanded by 41,000 jobs between June and November 2014.