Ford Invests $350 Mln, Creates Or Protects 800 Jobs

Reuters

Reuters

People walk by the Ford display during the North American International Auto Show in DetroitThomson Reuters (Reuters) - Ford said it would invest $350 million to upgrade its Livonia transmission plant in MI as the company expands its lineup of fuel-efficient powertrains.

Ford said the investment in Livonia is in addition to an announcement a year ago of $1.4 billion in spending at the facility, creating or retaining 500 hourly jobs.

"We remain committed to American manufacturing and investing in our people and facilities", Ford President of the Americas Joe Hinrichs said in a statement.

Ford's stock gained 0.5 percent in pre-market trade after release of this news.

Last year, the No. 2 USA auto maker announced it was investing a separate $1.4-billion in the Livonia transmission plant near Detroit.

The investment supports production of a new, advanced transmission for front-wheel-drive vehicles.

Ford has invested $12 billion in its US plants and created almost 28,000 U.S.jobs during the last five years. Most of the new jobs are expected to be created starting at the end of this year, and the majority will be created in 2018 and 2019.

The new transmission should contribute to increased fuel efficiency on Ford models in the future.

"The addition of these 800 jobs will add job security for the plant's hardworking men and women, and support for the surrounding community", Settles added.

The Livonia plant now employs about 1,800 workers who build six-speed and 10-speed transmissions used in vehicles such as the Mustang, F-150, Transit and Expedition. The plant now employs about 1,800 workers. The workers are responsible for building the six-speed and 10-speed transmissions used in everything from the Mustang and F-150, to Transit and Expedition.

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