GM to invest $800 million to revamp facilities for future projects

Article by Christian A., on July 24, 2014

General Motors is planning to pour $800 million in investments in Michigan as it bids to revamp facilities state-wide to support future vehicle platforms and programs. The investments are expected to result the addition of 1,750 jobs in the state once the carmaker consolidated various engineering functions outside the state to a site in Michigan.

The Michigan Strategic Fund amended an agreement with GM that hikes the number of employees the carmaker can apply for a state tax credit from 33,000 to 34,750. The Michigan Economic Development Corp. said the agreement will increase the number of jobs at GM’s Warren Tech Center covered by the tax credit from 5,000 to 6,750.

GM said in a statement that it “was pleased with Michigan’s action that makes a strong business case for potential future jobs and investment at GM facilities across the state.

The state and GM reached an initial agreement in June 2009 that required the carmaker retain up to 20,000 employees at 17 Michigan sites in exchange for tax credits.

The agreement was then amended to increase the figure to 33,000 employees. In a memo to the Michigan Strategic Fund board, GM officials remarked that the latest amendment will “provide further stabilization for General Motors in Michigan.”

Supplier Brembo North America Inc. was awarded an amendment to its tax credit to allow for additional jobs, as well as $3.5 million in state grants to build a production facility in Albion Township, Mich., and add 254 jobs.

Topics: gm, investment

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