The province announced last month that it will keep UTDC (the Urban Transportation Development Corporation) afloat until a buyer is found for the Lavalin Industries Ltd. subsidiary. Without the government assistance, UTDC said it would have been unable to pay employees, complete existing orders and bid on new contracts. Potential buyers of the company included Bombardier Inc. of Montreal and AEG Westinghouse Transportation Systems Inc. However, the parent company of the latter firm recently announced a $1.5-billion third-quarter loss. UTDC operates a facility in Kingston as well as the Thunder Bay Can-Car Works.
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|Title Annotation:||Around the North; government assistance enables the Urban Transit Development Corp. to finance its operations|
|Publication:||Northern Ontario Business|
|Article Type:||Brief Article|
|Date:||Nov 1, 1991|
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