GM Mulls $1b Internal Overhaul
Economy, Auto

GM Mulls $1b Internal Overhaul

General Motors, formally part owned by the American government, has announced it may plan to spend as much as $1 billion renovating its Technical Center, a faculty which is over half a century hold, Bloomberg reported on Monday.
The renovation to the technical home of the world’s former number one includes offices for 2,500 new employees specializing in electrical engineering, software development and information technology.
GM has kept quiet about the proposed overhaul, and wasn’t open for comments by the time of publishing. Since the fall in the price of oil and subsequently gasoline, the automaker is also supposedly mulling a $1.3 billion expansion of its Arlington, Texas assembly plant. The center is well known for its production of sport-utility vehicles.
The Detroit based company looks to unify many of its global car models with a streamlined range which can be sold in most major markets. The company is using this new tactic to cut waste and offer more amenable prices and vehicles to buyers.  
The news of the upgrading of facilities follows another recent announcement by the Canadian government, as it sold its final 4.6 percent stake in the government last Monday. The Canadian federal government said it will sell its 73.4 million shares of General Motors Co. stock to Goldman Sachs & Co., ending nearly six years of government ownership into the Detroit automaker.
The shares would be worth about $2.7 billion based on GM’s close of $36.66 a share Monday.


Short URL : http://goo.gl/pdIAsb

You can also read ...

These Billions in Deals Can Help Iran Counter Trump
It hasn’t been the investment bonanza Iran hoped for, but the...
Iran’s Exports to Syria Double
Iran exported $58 million worth of goods to Syria during the...
BIM Links Up With 82 Foreign Banks
Iran’s Bank of Industry and Mine has set up correspondent...
BMI Expanding Presence in Iraq
Bank Melli Iran–the country’s biggest commercial lender–is...
Motorola Moto X4 Smartphone Details Leaked by Iranian Distributor
Mobile phone maker Motorola's distributor in Iran has...
Mouteh Gold Mine Output Up 48%
Mouteh Gold Mine produced 136 kilograms of gold ingots during...
Potatoes Sold to 13 Countries
More than 60,550 tons of potatoes worth 448.76 billion ($13.83...
India to Put Chabahar Railroad Link on Fast Track
Questioning the seriousness of India’s intent, Iran has sought...