Entries in Economy (101)


General Motors Invests $2 Billion in Plant Expansions, Upgrades

Bill Pugliano/Getty Images(TOLEDO, Ohio) -- General Motors announced Tuesday a $2 billion expansion of its domestic auto making operations that will result in the creation or retention of 4,000 jobs spread across 17 facilities in eight states.

GM Chairman and CEO Dan Akerson revealed the plans at a transmission plant in Toledo, Ohio. He was not specific about where the new jobs would be added, but local union officials say the Toledo site would add 250-400 workers.

Most of the 4,000 jobs -- as many as 3,000 -- will be new hires while the rest will be the preservation of workers who faced layoffs, a company spokesman said. "We are doing this because we are confident about demand for our vehicles and the economy," Akerson said in a statement. "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."

The announcement was another positive marker on GM's road to recovery since emerging from bankruptcy almost two years ago. Its April sales figures were up 26 percent from last year's and GM's first quarter earnings tripled those from 2010.

The announcement not only shows off GM's resurgent production of cars but its production of jobs, perhaps a far more meaningful barometer to taxpayers who helped rescue the company with a $49.5 billion bailout. While in bankruptcy, the company closed a dozen factories.  

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