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Tuesday, October 26, 2010

Ford and General Motors Vow to Bring Jobs to Michigan, if Tax Incentives Are Received

Ford Motor Company Headquarters, Dearborn, Mi....Image via Wikipedia
Ford Motor Company Headquarters
in Dearborn, Michigan

Ford Motor Company announced on Monday it will hire 1,200 new workers in Michigan by 2013 if the state approves tax incentives scheduled to be voted upon today by the Michigan Economic Development Council. For possibly bringing the new jobs to the state, with 13 percent unemployment rate, the company is requesting up to $400 million worth of tax incentives over a 15-year period from the Council. 

“Without bringing a package of job-retention tax incentives to the table, this kind of investment would have been much more difficult,” Fields said to Bloomberg News.

Ford plans to invest $850 million in four Metro Detroit-area plants Van Dyke Transmission, Sterling Axle, Livonia Transmission and Dearborn Truck Plant, to build its new six-speed transmissions. The company also will hire 900 hourly manufacturing workers and 300 engineers and other salaried workers.

"We are pleased to work with state and local government leaders to find new ways to ... invest in our people as well as Ford facilities, further improve our competitiveness and secure jobs in Michigan," Ford's president of the Americas Mark Fields said in within a statement.

Ford Worldwide Headquarters located in Dearborn, Michigan. The company was the only U.S. automaker to avoid taking government bailout money last year. This morning, Ford reported its sixth straight quarterly profit. Third-quarter net income of the company grew to $1.69 billion or $0.43 per share from $997 million or $0.29 per share last year.

In August, the company said it was adding 1,975 hourly jobs by 2012 to do work traditionally done by suppliers. Earlier this year, it hired 1,200 workers to make the new Ford Explorer SUV in Chicago, Illinois.

General Motors is also expected to announce a $152 million investment in Michigan, the Detroit News reports. The company will invest $112 million at the Warren Technical Center for hybrid and electric vehicle programs, creating up to 900 jobs and $40 million at its Brownstown Township plant that assembles battery packs for the Chevrolet Volt, adding 150 jobs.

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