McMaster University has bought 36 acres in Hamilton from Camco Inc., a long-time manufacturer of household appliances, in a $13-million deal that will be finalized on Friday.

Camco shut down its plant in December, throwing 800 people out of work.

McMaster expects to create 1,500 long-term jobs at the research park with more than one million square feet of laboratory, office, teaching, training and conference facilities.

The research park "could be the trigger to an enormous economic boost to the region and the province of Ontario," McMaster president Peter George said. "It will attract companies from all over the world."

The university hopes to attract research and development in a number of industrial areas, including advance manufacturing and materials, biotechnology, information technology and environmental technology. Source.

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