General Motors is set to make an investment announcement regarding the GM Bedford plant in Bedford, Indiana, GM Authority has learned.
According to sources familiar with the matter, GM will make the investment announcement this Friday, November 18th. Unfortunately, specific details on what the announcement will entail have yet to be revealed. That said, the announcement may be related to the the approval of a ten-year tax abatement by the Bedford Redevelopment Commission, per GM Authority coverage this past July.
For those readers who may have missed it, the Bedford Redevelopment Commission approved a 100-percent tax abatement for the GM Bedford plant for a ten-year period, a measure which the Bedford City Council subsequently granted. The approval is intended to attract additional investments from the automaker at the GM Bedford plant. Reports indicate that roughly 15 percent of the savings will be directed to the Bedford Redevelopment Commission for redevelopment efforts in the area.
Back in December of 2021, GM announced that it was poised to invest $51 million in the GM Bedford plant to support production of new drive unit castings for use in the Chevy Silverado EV, as well as other casting applications. Meanwhile, the recent tax abatements announced over the summer are related to $47 million set to be invested to convert a section of the GM Bedford plant for additional EV components.
First opening in 1942, the GM Bedford plant is located at 105 GM Drive, and currently spans some 1 million square-feet spread across 155 acres of land. Also known as Bedford Casting Operations, the plant incorporates semi-permanent mold and die casting to produce cylinder heads, cylinder blocks, transmission cases, structural components, and drive unit housings across all four of GM’s U.S. brands, including Buick, Cadillac, Chevy, and GMC. The facility currently employs 821 workers, with GM making $377.1 million in direct investments since 2011. Workers are represented by UAW Local 440 and IBEW Local 16.
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Comments
In all states, the sad state affairs of big business and the local and state political leadership is that towns, cities and states have to use these free tax-rides in order to attract and keep business there along with the good paying jobs that accompany them. It’s either that or watch that production move to Mexico or China.
So, this is a win for everyone in Bedford & Indiana. Good on both GM for making that investment and good for Bedford and Indiana for seeing jobs return to their state.
Will this new plant in Bedford be a GM plant or a subsidiary of GM?
Rumor around the plant is Governor Holcomb will be there for the announcement
Gm received tax credits in exchange for keeping the Lordstown Ohio plant open until 2027. But GM took the money and closed the plant in 2019.
This is corporate welfare and the home owners and small businesses in Bedford will be forced to pay for the General Motors tax breaks. Why should the taxpayers have to pickup the tab for these corporations that are making billions of dollars in profits? General Motors is wipsawing the states for tax breaks the same way they whipsaw the UAW Locals for concessions. The Federal government should set a corporate tax rate for all the states and the IUAW should live up to their Constitution and stop the UAW Locals from wipsawing each other.