GM to invest $2 billion in plant upgrades
GM CEO Dan Akerson is expected to announce the investment at its Toledo transmission plant today. The chief executive will reportedly inform the rank and file that the automaker is investing $250 million in the facility, which while also lead to 250 new jobs. The announcement will be big news for the state of Ohio, and the mayor of Toledo and Governor John Kasich will be in attendance.
Details are sketchy regarding other investment opportunities, though the Detroit Hamtramck plant that currently builds the Chevrolet Volt is expected to be among the plants receiving upgrades. GM plans to rework the production line to make room for the 2013 Malibu, giving the automaker flexibility to increase volume as demand increases.
The added investment in facilities is good news for America's battered manufacturing sector, while at the same time helping GM better utilize its existing plants. In total, the investment should help create or retain about 4,200 jobs, which should help GM at the negotiating table with Bob King and the United Auto Workers this summer.
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