GM (GM) Says It's Investing $40 Million at Pontiac Stamping Plant for Flexible Fabrication Technology
- Nasdaq closes up on tech stocks strength, as hawkish Fed limits S&P
- Dollar surges to two-month high on Fed rate-hike projection
- BofA Fund Manager Survey: 72% Says Inflation 'Transitory', 63% Expect Fed to Signal Taper Aug/Sept, 'Long Commodities' Now the Most Crowded Trade
- Oil falls from multi-year highs on firmer dollar, hike in UK COVID cases
- People Are Spending More Time Outdoors, Which Will Hurt Netflix (NFLX) This Quarter - KeyBanc
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Today, General Motors (NYSE: GM) announced plans to invest $40 million at its Pontiac Stamping Plant. The investment will be used to renovate the existing facility, and install new, highly flexible fabrication machinery and presses to support future electric vehicle production and various product applications.
Renovation work will begin immediately. GM anticipates the investment will create 20 new positions.
The “Flex Fab” sheet metal fabricating technology will enable repeatable, custom and precise stamping, reducing costs for low-volume applications. Flex Fab will require little or no additional tooling investments to fabricate new stampings for future products.
"This investment will bring the latest in flexible, sheet metal fabrication technology to the Pontiac team," said Phil Kienle, GM vice president of North America Manufacturing and Labor Relations. “Our manufacturing capabilities create a competitive advantage for GM, and I am confident the team at Pontiac Stamping will continue delivering excellence in all areas of the business as they deploy this new equipment.”
Pontiac Stamping currently employs 191 hourly and 31 salaried employees. The hourly workforce is represented by UAW Local 653. The plant began production in 1926 as part of the Oakland Motor Car Company and became part of the Pontiac Motor Division in 1932.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- General Motors (GM) to Boost EV and AV Investments to $35 Billion Through 2025
- GM Will Boost EV and AV Investments to $35 Billion Through 2025
- Biohaven Pharma (BHVN) Appoints Kishen Mehta to its Board
Create E-mail Alert Related CategoriesCorporate News
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!