General Motors Corp. will invest $63 million to retool a Michigan foundry, the first of five plants switching to new casting technology, to produce engines that are more fuel-efficient, Bloomberg News reported today.
GM announced the plans at its Saginaw casting plant today and will unveil additional investments at factories in Ohio, Indiana and New York over the next two weeks, spokeswoman Sharon Basel told Bloomberg in an interview. The carmaker will also close a New York plant with older technology, she said.
The new technology at the Saginaw plant, which employs 924 hourly and 167 salaried workers, will make parts for a 3.6-liter engine used in GM's GMC Acadia, Saturn Outlook and Buick Enclave sport utility vehicles. Construction will start in 2009 and production is scheduled to begin in 2011.