GM said to invest about $400 million in Corvette paint shop
By Bloomberg
General Motors Co. plans to announce on Thursday an investment of about $400 million in its Corvette sports car plant in Bowling Green, Kentucky, said people familiar with the matter.
The investment, which is part of a plan to spend $5.4 billion on U.S. factories, will be used for upgrades including a paint shop, said two people, who asked not to be identified because the plans have not yet been announced. The plant employs 753 hourly workers, according to GM’s website.
GM is making the announcement as the company prepares to negotiate a new labor deal with the United Auto Workers union this year. The automaker has made or announced $16.8 billion in investment at its U.S. facilities since exiting a government- backed bankruptcy in June 2009.
The company’s investment in the plant probably won’t add new jobs, one of the people said. Alan Adler, a spokesman for GM, declined to comment on the investment.
The largest U.S. automaker also has been investing outside its home country. A joint venture in China said last month that it plans to spend $16 billion by 2020 to expand in that market.
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