LANSING, Mich. -- General Motors plans to invest $356.4 million in three Michigan plants, part of a pact with the governor’s administration to cap the value of state business tax credits it receives.
The investment, announced today, entails:
• $263 million for a future engine program at Flint Engine Operations, retaining roughly 410 hourly and salaried workers
• $50 million for driveline components at Saginaw Metal Casting Operations, keeping 68 jobs
• $43.4 million for powertrain components at Grand Rapids Operations, which saves 15 jobs and creates 55 positions.
The company did not disclose information about the new engine programs or vehicles.
The $356 million investment adds to $5.4 billion that GM announced last spring in factory upgrades planned over three years.
GM is the last of the Detroit 3 automakers to negotiate a limit on the Michigan Economic Growth Authority credits first awarded in 2009. The state did not release the value of the cap.
In June, the state reached a deal with Ford that caps the value of its tax credits at $2.3 billion while requiring the carmaker to spend $3.1 billion. Fiat Chrysler’s agreement followed in November, which limits its MEGA credits to $1.7 billion and requires a $1 billion investment.
In addition, the carmaker must invest $1 billion by 2029 or return some of the credits it received.
GM said it has invested more than $9 billion in Michigan since 2009. The company said the planned Michigan spending brings total investment in its U.S. facilities this year to $7.1 billion.