Dallas, Texas 06/03/2015 (Financialstrend) – General Motors Company (NYSE:GM) aggressive capital spending spree will make its stop in Wyoming. The upgrade in Grand Rapid’s plant in Wyoming will see the company spend up to $119 million as it moves to increase the production capacity of the plant. The giant automaker is planning to spend up to $5.4 billion in upgrading up to 40 plants across the US.
Creation of New Jobs
The plant in Wyoming manufactures a variety of precision machined engine parts mostly used in Chevrolet, Buick and Cadillac models. The upgrade of the facility will result in the creation of an additional 300 jobs. The facility currently employees about 500 staff working three shifts. General Motors Company (NYSE:GM) also plans to upgrade facilities in Michigan.
The $119M investment will involve the purchase of new and more tooling equipment to be used for making engine equipment for future cars. The south end of The Grand Rapids plant will be given a major upgrade to accommodate the new employees as well as a new product yet to be announced.
Until now, the facility has been running at 70% capacity, but with the $119 million investment the facility should operate at full capacity. The facility is currently operated by a subsidiary of General Motors Company (NYSE:GM), GM Components created in 2009. The $119 million investment comes on the heels of the automaker announcing plans to invest $175 million in its Lansing Grand River Assembly plant. The plan is to kick start a second shift and add staff in the summer.
Other investments as part of the capital spending spree include a $1.2 billion investment in General Motors Company (NYSE:GM)’s Fort Wayne assembly. The investment will foresee the addition of a 1.5 million square feet for the manufacture of light and heavy duty trucks. The automaker is also planning to invest $439 million at its Bowling Green Assembly in Kentucky.