Microsoft plans 'massive' investment in Canada, including over 500 new jobs and HQ relocation
Microsoft Corp. MSFT, +0.42% announced Tuesday a "massive" new investment in Canada, which includes the hiring of more than 500 full-time employees, an investment of more than $570 million into fixed assets over the next three years, and the relocation to a new Canadian headquarters in downtown Toronto. The move-in date for the new 132,000 square foot facility is September 2020. The company's investment plans also include relocation and expansion of its research and development lab in Montreal, the relocation of its Vancouver sales office and renovation of its sales offices in Ottawa, Calgary and Montreal. "By relocating our headquarters to downtown Toronto, we will be able to better serve our customers and attract top talent to continue to drive innovation and growth for our Canadian customers and our large partner ecosystem," said Microsoft Canada President Kevin Peesker. The stock rallied 1.7% in afternoon trade. It has soared 30% year to date, while the Nasdaq Composite COMP, -0.23% has rallied 15.5% and the Dow Jones Industrial Average DJIA, +0.11% has gained 5.2%.
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