GM announced it will invest more than 356 million dollars in operations in Flint, Saginaw and Grand Rapids. 1 billion dollars will be spent by the automaker in Michigan by 2030.
General Motors plans to invest more than 356 million dollars in a new engine line in Flint and driveline and powertrain components in Saginaw and Grand Rapids. The company said that 50 jobs will be created and nearly 500 positions will be retained as a result of the cash injection. The Michigan investment announcements come on the same day as an amended agreement between GM and the Michigan Strategic Fund under the Michigan Economic Growth Authority tax credit program. As part of the amended agreement, which was approved by the Michigan Strategic Fund yesterday, GM will invest 1 billion dollars in Michigan by 2030. “The agreement with GM on MEGA credits helps Michigan’s budget forecast. And today’s announcement of its intention to invest in Saginaw, Flint and Grand Rapids proves the company wants to retain a strong presence in Michigan,” said Gov. Rick Snyder.
From the newly announced investment, 263 million dollars will go into Flint operations for a future engine program; 50 million dollars for driveline components in Saginaw Metal Casting and 43.35 million dollars in Grand Rapids for powertrain components. “These investments will better position GM and its work force to produce high quality engines and components for customers who demand greater fuel efficiency and performance from our vehicles,’ said Bill Shaw, GM North America Manufacturing Manager. According to the automakers, yesterday’s announcement raises GM’s US-facility investment in 2015 to 7.1 billion, including 353.4 million dollars recently planned in four other states: 127.4 million dollars for engine components in Bedford, Ind.; 44 million dollars for increased engine capacity in Bowling Green, Ky.; 82 million dollars for productivity improvements in D-Max/Moraine, Ohio and 100 million dollars for engine components in Defiance, Ohio.