FORSETH: If government is providing $46.66 million for 3M Canada to expand production of N95 masks – shouldn’t we be sharing in the profits 3M will make from this investment?
This morning, Prime Minister, Justin Trudeau, and the Premier of Ontario, Doug Ford, announced an agreement -- between the Government of Canada, the Government of Ontario and 3M Canada -- on a joint investment to expand a manufacturing facility for N95 respirators in Brockville, Ontario.
The Government of Canada and the Government of Ontario are supporting 3M’s capital investment by contributing $23.33 million each.
The facility will produce 25 million N95 respirators for the Government of Canada and 25 million for the Government of Ontario per year over five years.
This will provide 50 million N95 respirators annually to help health care workers, first responders and other essential workers with the equipment they need to continue their vital work.
means, according to the joint media release, the investment equals approximately
$1 per mask (93 cents each) -- based on the total investment of $46.66 million dollars
-- with the government receiving for 50 million masks.
HERE’S THE QUESTIONS I wondered about when I read the joint media release form the Governments of Canada, and Ontario:
will 3M Canada themselves be investing into the expansion of their facilities -- and new equipment -- that will enable them to increase production of
many additional masks will 3M now be able to manufacture, with this $46.66 million dollar “contribution”
to 3M, using taxpayer resources?
additional “long-term profits” will 3M be able to realize, due to the people of
Canada contributing to their ability to create more of these respirators?
benefits will the people of every other province in Canada receive from this
deal? ... and finally ...
- If government is providing $46.66 million for 3M Canada -- to be able to expand production of N95 masks – shouldn’t Canadians share in the profits 3M will be making from this investment?
So, those are my questions – do you have any to add that I may have missed?
I just have to say it sure seems like a pretty sweet deal for 3M Canada, with our government acting like an ATM providing them with cash ...
... what do you think?