Ford to Invest $773 Million in Michigan Facilities
Fordannounced Thursday that it will invest $773 million in expanding manufacturing facility capacity and equipment in six facilities in southeast Michigan.
The investment is part of Ford's plan to invest $6.2 billion in its American manufacturing plants by 2015, part of the deal the company reached with the United Auto Workers union in 2011.
The company expects the investments announced this week to create 2,350 hourly jobs, part of 12,000 such positions Ford is looking to add by 2015 across the country.
Ford Vice President of North American Manufacturing Jim Tetrault is quoted as saying in the company press release: "These investments, many of which are already under way, will ensure our southeast Michigan manufacturing facilities can support our aggressive growth plans."
According to Ford, the investment includes:
- Michigan Assembly Plant -- $59.4 million for stamping press line expansion.
- Dearborn Stamping Plant -- $305 million for plant modernization, new press lines, scrap conveyor system and other machinery and equipment.
- Flat Rock Assembly -- $161 million for machinery and equipment to assemble the new Ford Fusion and as an additional production facility.
- Sterling Axle Plant -- $86 million for machinery and equipment investment to meet axle demand increase and future model changes.
- Van Dyke Transmission -- $87.7 million for machinery and equipment investment to meet capacity expansions for 6F35 and 6F50 transmissions.
- Livonia Transmission -- $74.7 million for machinery and equipment investment for transmission expansion and test equipment.
The article Ford to Invest $773 Million in Michigan Facilities originally appeared on Fool.com.Dan Carroll has no positions in the stocks mentioned above. The Motley Fool owns shares of Ford. Motley Fool newsletter services recommend Ford. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.