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Kept afloat.

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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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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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
Words:94
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