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GM stock (NYSE: GM) closed up today at 31.56, as the $30 million of investment in its Pontiac Stamping Plant will be earmarked for tooling and equipment to enhance the plant’s manufacturing capabilities.
“GM continues to invest in our manufacturing operations to ensure we have the technology and equipment we need to build whatever our vehicle designers develop,” said Gerald Johnson, GM manufacturing manager. “Orion Assembly is the primary customer for Pontiac Stamping and we know how important the launch of the Chevrolet Sonic and Buick Verano are to our customers.”
The investments will cover upgrading three conventional press lines already operating at the plant and the installation of two additional presses that are coming to Pontiac Stamping as part of GM’s stamping consolidation project. These actions will position Pontiac Stamping as a regional center supporting many plants.
“This investment is the result of the employee’s commitment to quality and how they work as a team to support their customers,” said GM Pontiac Stamping Plant Manager Alicia Boler-Davis.
Pontiac Stamping opened in 1932 and provides parts to support several GM products including the Chevrolet Sonic and the Buick Verano, both launching later this year.
“The men and women of UAW Local 653 know that producing high-quality parts is essential to meet the needs of our customers,” said UAW Local 653 Chairman Norm Greenfield. “We take a lot of pride in our work and this investment is important to the future of this plant.”
Local officials agreed the investment would have a positive impact on the community.
Oakland Country Executive L. Brooks Patterson said, “After a few challenging years, it is great to see GM investing in our community. It’s a sign that the auto industry is back.”
“This is welcomed news for our community because it retains jobs and we look forward to partnering with GM for years to come,” added Pontiac Mayor Leon Jukowski.
The investment will retain 290 hourly and salaried jobs at Pontiac Stamping.
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About the Author: After 39 years in the auto industry as a design engineer, Frank Sherosky now trades stocks and writes articles, books and ebooks via authorfrank.com, but may be contacted here by email: [email protected]
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