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Investing.com -- Stellantis NV has signed a memorandum with Roshel Inc., a Canadian armored vehicle manufacturer, outlining steps toward the sale of an idle car factory near Toronto.
Roshel, which is headquartered near the Stellantis plant in Brampton, Ontario, is pursuing a Canadian military contract worth as much as C$4.9 billion ($3.5 billion) to build light utility vehicles. The company has informed Prime Minister Mark Carney's government it could reactivate the facility quickly if it secures the contract.
Roman Shimonov, Roshel's chief executive officer, said his company is the only serious potential buyer for the facility. He described the memorandum as the first step in a complicated process.
"It's a document that clearly specifies the plan, the responsibilities, the framework and everything else," Shimonov said. "We have a clear plan and this MOU is outlining the whole process."