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General Motors announced plans to invest $1 billion to revamp its plant in Wentzville, Missouri, plus an additional $5oo million for supplier tooling and machinery, the Detroit Free Press reports.
Why it matters: This investment is part of GM's 2019 contract with the United Auto Workers union, in which the automaker promised to invest $7.7 billion in U.S. facilities and create or retain 9,000 jobs over the next four years, per the Free Press.
- The investment will allow 4,000 manufacturing jobs to stay in the area, but won't add any new positions, the Free Press notes, per a company spokesman.
- Missouri was competing with other states to keep and expand the plant, which will manufacture the Chevrolet Colorado and GMC Canyon. The Missouri legislature passed a bill allowing GM to receive up to $50 million in tax credits over 10 years if the company invests $750 million to expand the Wentzville plant. The company did not provide additional details on the tax credits.