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GM To Invest $29.2 Million In Bedford Facility

general motors bedford

General Motors is investing $29.2 million in Bedford Castings to build new transmissions.

The move is part of a $1.3 billion plan announced today. GM plans to upgrade five facilities in Michigan, Ohio and Indiana.

About $22.6 million is being used to produce a 10-speed transmission and $6.6 million is going toward producing an existing 6-speed transmission.

GM Executive Vice President and North America President Mark Reuss said in a statement the new products and investments would "add up to higher quality and more fuel-efficient vehicles for our customers."

GM has not said exactly how many jobs the investment will create. Officials only said the full $1.3 billion will create or retain 1,000 jobs.

As Bloomberg reports, the company already invested $1.5 billion this year.

The new plan follows last week's move by the U.S. Treasury to sell off its remaining shares in GM, freeing the Detroit-based company from U.S. government ownership. Chief Executive Officer Dan Akerson also said he will retire next month, naming Mary Barra, the company's top product-development officer, to succeed him.

GM brought out 18 new or revamped vehicles in the U.S. this year and plans 14 more next year as the automaker transforms its lineup from one of the industry's oldest into one [of] the newest. The new models include redesigned versions of the Chevrolet Silverado pickup and Impala sedan.



But Forbes reports the company is still sensitive to being connected with the government bailout five years ago.

In its release, GM was sure to point out that since 2009, the company has announced investments of more than $10.1 billion in its U.S. operations$2.8 billion in 2013 alonecreating or retaining more than 26,500 jobs. That comes amid planned closures elsewhere around the world.


That includes a plan to close its Australian plants by 2017.

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