Ford Invests $350M, Adding New Fuel-Efficient Transmission To Michigan Plant

Ford Invests $350M, Adding New Fuel-Efficient Transmission To Michigan Plant

Ford Invests $350M, Adding New Fuel-Efficient Transmission To Michigan Plant

Two days after confirming a 10-percent job cuts, Ford Motor Co. announced Friday that it will invest 350 million dollars to build a new transmission at its Livonia Transmission Plant in MI in U.S. Midwest.

The investment announced by Ford is in addition to $1.4 billion Ford said it would invest previous year at the same plant to build an all-new 10-speed transmission for its F-150 pickups.

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

The upgrades to the facility are part of more than $2.25 billion in investments the company is making in the state this year.

Ford has invested $12-billion in its USA plants and created almost 28,000 U.S.jobs during the past five years. During the past five years, the company has invested $12 billion in plants around the USA, creating nearly 28,000 jobs. The investment will support production of a new fuel-efficient transmission. Jimmy Settles, UAW Vice President, underscored the importance of such relationships and the impact on American manufacturing. Last year, the plant received $1.5 billion to support the new 10-speed transmission found in the 2017 F-150 Raptor and other F-150 models.

"Today's investment at the Livonia Transmission Plant is further evidence of the benefits of collective bargaining and the ongoing commitment of UAW-Ford to lead the way in creating and maintaining automotive manufacturing jobs in America", he said. The company said on Friday employment at the Livonia plant has risen from about 1,550 past year to 1,800.

The automaker said the investment will support the production of a new transmission for front-wheel-drive vehicles.

The transmission will be finely tuned to blend fun driving and efficiency with Ford engines, including EcoBoost.