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GM to invest $2 billion in plants, jobs

May 10, 2011 at 4:20 PM   |   Comments

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TOLEDO, Ohio, May 10 (UPI) -- About $2 billion will be invested U.S. assembly and component plants, creating or saving more than 4,000 jobs, General Motors Co. announced Tuesday.

GM Chief Executive Officer Dan Akerson said GM will invest funds in its plants and work force at 17 facilities in eight states, the automaker said in a release.

"We are doing this because we are confident about demand for our vehicles and the economy," Akerson said during an event at the 54-year-old Toledo Transmission Plant. "This new investment is on top of $3.4 billion and more than 9,000 jobs that GM has added or saved since mid-2009."

Through the first four months of 2011, GM's U.S. sales are up 24.8 percent over 2010. Last week, the company reported its fifth straight profitable quarter since emerging from bankruptcy in July 2009.

The non-profit Center for Automotive Research said the ripple effect of the planned investments would add nearly $2.9 billion to the U.S. gross domestic product, and create or retain more than 28,000 jobs, GM said.

"The UAW's goal has been to return all laid-off workers to active status and see the company begin hiring again," said Joe Ashton, United Auto Workers vice president for GM union workers. "These announcements will create and retain thousands of jobs and bring General Motors back to full employment of our hourly workforce. … If the market continues to recover, we are confident that GM will hire new workers to meet the strong demand for the products our UAW members build."

Topics: Dan Akerson
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