Ford (F) - Get Report said today that it is investing $350 million to upgrade its Livonia transmission plant in Michigan as it readies to expand its fleet of fuel-efficient powertrains, Reuters reports.
The investment is in conjunction with the company's pledge to invest $9 billion and create or retain 8,500 hourly jobs in its U.S. facilities in the next few years.
"We remain committed to American manufacturing and investing in our people and facilities," Ford president of the Americas Joe Hinrichs said. "Even as the industry's largest employer of hourly workers in the United States and biggest producer of American-made vehicles, we believe it is important to continue investing right here in our home market."
Shares of Ford were higher over 1% during mid-morning trading on Friday.
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