As we complete the final stretch of 2015, General Motors dished out its latest investment plans for the year. GM has announced a $365 million investment into Michigan manufacturing operations.
The $365 million will be parsed out between the Flint, Saginaw and Grand Rapids engine and component operations.
Flint will receive the largest portion of the sum, tallying $263 million. The investment will coincide with a new, future engine program, with further details on the program to come at a later date. GM said this investment helps retain over 400 salaried and hourly positions at the facility.
The Saginaw Metal Casting plant will receive $50 million for new driveline components, helping to retain 68 positions at the facility. And, finally, Grand Rapids operations will be allocated $43.35 million for upcoming powertrain components. The investment in Grand Rapids will create 55 new jobs, and retain 15 current positions.
The announcement comes with news of an amended agreement between GM and the state of Michigan over the Michigan Economic Growth Authority (MEGA). As part of the amended agreement, which was approved by the Michigan Strategic Fund today, GM will invest $1 billion in Michigan by 2030. Today’s announced investment of $356.35 million represents more than one-third of that amount.
The announcement also succeeds GM’s previous allocation of $5.4 billion for U.S. manufacturing, and brings the running total to $7.1 billion this year for American manufacturing investments.