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9/28/2020, 8:52 PM (Source: TeleTrader)
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GM to allocate $71M to two plants in Ohio

General Motors Company (GM) announced on Monday that it intends to invest $71 million into two factories in Ohio, specifying it will dedicate $39 million to its transmission facility in Toledo and $32 million for its Defiance casting plant.

With the help of the investment, the company will retain 240 "good-paying" US manufacturing working positions. GM stressed that has invested $3.3 billion in Ohio in the last 11 years and that it employs 3,800 people in the state. In addition, the carmaker said that the building of Ultium Cells LLC plant in the state is "underway." Ultium Cells is GM's joint venture with LG Chem Ltd.

"The acquisition of Lordstown Motors by DiamondPeak Holdings Corp. is expected to close during the fourth quarter and the company will be listed on the Nasdaq. GM is investing $75 million in the company, which includes the sale of the former Lordstown Assembly plant and production equipment," the company also revealed.

Breaking the News / MS