GM Spending $119 Million On Michigan Parts Plant

(RTTNews) - General Motors Co. (GM) said Monday that it will invest $119 million in tools and equipment to support production of future vehicle components at its Grand Rapids Operations.

The largest U.S. automaker said the investment will create about 300 new jobs at the plant.

The plant, operated by the automaker's subsidiary GM Components Holdings LLC, currently employs about 500 workers and produces a variety of precision-machined automotive engine components used in Chevrolet, Buick, GMC and Cadillac vehicles.

Detroit, Michigan-based GM said it will release details about program timing and applications later.

"This investment in the future recognizes the excellent workforce at Grand Rapids Operations" said GM North America Manufacturing Manager Scott Whybrew. "It also demonstrates GM's collaboration with our UAW partners to innovate and bring tangible benefits to our customers."

Monday's announcement is part of its planned $5.4 billion investment in U.S. facilities that GM announced in late April. The company has identified about $3 billion of that so far.

GM shares are currently trading at $35.96, down a penny.