GM Will Spend $109 Million To Preserve 96 Michigan Jobs
And so we get another example of government efficiency at work. The still taxpayer funded General Motors has just announced it will spend $109 million to keep and add 96 jobs. This amounts to $1.135 million per employee. That's right, a carmaker is about to spend on a per worker basis, roughly what an average Goldman worker makes in base+bonus... in the hub of wage expansion, Michigan.
From Bloomberg:
General Motors will invest $109 million in its operations in Flint and Bay City , Mich., to support engine production for current and future fuel-efficient small cars produced for the U.S. market. The investment will protect or add 96 jobs at the two sites.
"This investment marks the second major increase in engine and engine component output in less than six months - a sign that GM is moving quickly to meet growing demand for more fuel-efficient cars," said Terri Burden, Flint Engine Operations plant manager.
In November 2010, GM announced plans to invest $151 million and protect 143 jobs at the Flint and Bay City plants. The latest investment is part of a $2 billion investment to create or retain more than 4,000 hourly and salaried jobs at 17 facilities in eight states.
"This additional GM investment in the Ecotec engine is a testament to all the UAW Local 599 members who have worked so hard to make the 1.4-liter engine America's first choice," said Terry Everman, chairman of UAW Local 599 at Flint Engine Operations.
Of the $109 million, $84 million will be used at Flint to increase 1.4-liter engine capacity. Bay City's investment of $25 million is for connecting rods and camshafts used in the engine.
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