483 million GM dollars = 483 new jobs

By Peter Valdes-Dapena, senior writer


NEW YORK (CNNMoney.com) -- General Motors announced Friday that it is planning to invest $483 million and add 483 jobs to its engine plant in Spring Hill, Tenn.

Mark Reuss, president of GM North America, said his company would invest the money in the powertrain factory through 2012.

"By coincidence, the result in new jobs is 483," he said, before a crowd of cheering auto workers. "No, we didn't plan it that way."

The additional investment and jobs are pending successful incentive negotiations with local and state officials, GM said in an announcement.

The additional employees will be brought back from among workers GM had earlier laid off. The plant already builds three versions of GM's Ecotec four-cylinder engine. The additional jobs are needed to add production of a next-generation variant of the engine which, GM said, is more fuel efficient and runs more smoothly.

"The engines made in Spring Hill will drive the success of GM to meet our customer demands for advanced powertrains which offer high fuel economy without sacrificing performance," said Reuss, in a corporate announcement.

Engines built at the plant are used in vehicles including the Chevrolet Equinox and GMC Terrain small SUVs and the Buick LaCrosse and Regal sedans. Engines built at the Spring Hill plant are used in cars built in the U.S. but they are also exported for use in cars built in Mexico and Europe.

The main assembly plant at Spring Hill, in which cars and SUVs were built, will not be restarted, however. That plant was idled last November. It was last used to build the Chevrolet Traverse large crossover SUV but work on that vehicle was shifted to a plant in Michigan.

The Spring Hill complex was originally built in the 1990s to produce Saturn cars.

CNNMoney.com staff writer Aaron Smith contributed to this report.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Find Your Next Car
Index Last Change % Change
Dow 17,719.00 33.27 0.19%
Nasdaq 4,701.87 26.16 0.56%
S&P 500 2,052.75 4.03 0.20%
Treasuries 2.34 -0.02 -0.68%
Data as of 9:37pm ET
Company Price Change % Change
Intel Corp 35.95 1.60 4.66%
Kinder Morgan Inc 39.92 -1.02 -2.49%
Bank of America Corp... 17.00 -0.06 -0.35%
Apple Inc 116.31 1.64 1.43%
Yahoo! Inc 51.25 0.67 1.32%
Data as of 4:04pm ET

Sections

There are some of the standout vehicles on display this year at the Los Angeles Auto Show. More

Reggie Gray is one of many former FedEx Ground drivers who say the company illegally classified them as independent contractors rather than employees. More

Sarah Lacy, the journalist at the center of Uber's latest controversy, says misogyny isn't something people 'just grow out of.' More

When President Obama announces plans for immigration reform tonight, the tech community hopes he'll address visa policies for high-skilled, legal immigrants. More

Billionaires are on a buying spree in New York, with sales of multimillion dollar properties up 120% so far this year, according to CityRealty. And the prices are expected to keep climbing next year. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.