Ford Motor stated Friday it would invest $350 million to update its Livonia transmission plant in Michigan as the business broadens its lineup of powertrains.
The investment is part of the company’s formerly disclosed dedication to invest $9 billion and produce or retain 8,500 hourly tasks in its U.S. centers in the next couple of years.
In 2016, the No. 2 U.S. car manufacturer revealed it was investing a separate $1.4 billion in the Livonia transmission plant close to Detroit. The company stated Friday work at the Livonia plant has increased from about 1,550 in 2015 to 1,800. The company did not say the number of additional jobs it will include.
The automaker announced earlier this week it was cutting 1,400 salaried jobs in North America and Asia as it wants to enhance its sagging stock cost. The company prepares to cut $3 billion in costs.
However Ford said it is not cutting its hourly labor force or production. Car manufacturers have been under pressure from President Donald Trump to include jobs or construct U.S. new plants.
Ford has invested $12 billion in its U.S. plants and developed almost 28,000 U.S. jobs during the last five years.
The company continues to produce strong profits, reporting a record $10.4 billion in pretax profits in last year, and anticipates to earn around $9 billion this year.
However it is under pressure to improve its stock rate. Ford shares are down nearly 40 percent since Mark Fields took over as CEO in July 2014 and closed at an almost four-and-half-year low previously last week.
