Stellantis Clinches Deal to Sell Canadian Factory to Defense Firm

Dow Jones11-10 05:27

OTTAWA--Stellantis finalized a deal Monday to sell a Toronto-area factory to armored-car maker Roshel as the auto maker focuses on revamping its industrial output.

The transaction, should it close as anticipated by the end of the year, would bring an end to car manufacturing at the Brampton, Ontario factory, which has emerged as a flashpoint in the U.S.-Canada trade tensions. It is also likely to trigger a possible strike threat from Unifor, which said the factory's uncertain future has triggered an impasse in talks on a new collective agreement.

"We are driving forward our broader strategic goals, opening new opportunities for Stellantis in the defence industry, and creating a path to return the Brampton facility to productive industrial use," Stellantis Chief Executive Antonio Filosa said in a statement.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment