Ford Motor's $1.1 Billion Investment Create Hundreds Of Jobs; Automaker Phasing Out Taurus?
Ford Motor Co. plans to invest $900 million in the Calumet Region and create 200 jobs under a tentative labor agreement between automaker and United Auto Workers, according to ABC.
To support the production of the Police Interceptor, the Explorer, Taurus and a new vehicle yet to be named; the Dearborn, Mich. based automaker would employ 4,600 workers at the Chicago assembly plant.
The automaker however, plans to phase out the production of the Taurus sedan.
"Ford's investment in Chicago under this agreement will create high-paying jobs and ensure the Torrence Avenue plant continues to grow for years to come," Chicago Mayor Rahm Emanuel said.
Approved by union leadership, the four-year agreement is now handed to union members for approval, reports the NW Herald.
"The agreement, if ratified, will help lead the Ford Motor Co., our employees and our communities into the future," said John Fleming, Ford executive vice president of global manufacturing and labor affairs.
The contract includes incentives for workers that would bring about $54 million into the local community, reports The Chicago Tribune.
Incentives include two, three percent raises and a $1,500 inflation in payments and bonuses. Profit-sharing payments this year alone, for permanent employees add up to $10,250.
There are 4,100 employed United Auto Workers at the Torrence Avenue assembly plant.
Another $200 million would be invested in the Chicago Heights factory. The plant currently employs 1,125 union workers.
This national labor deal would approximately see a total of $1.1 billion invested in Ford's two plants, which are both in the Chicago area.
In 2010, Ford invested $400 million in renovations at their 2.8 million-square-foot plant, so that it could start making the Explorer, widely credited for its solid sales.
Both the Assembly Plant and the stamping plant in nearby Chicago Heights, are running around the clock to keep up with the demand.
Chicago Mayor said in a statement that the contract is a win for both Ford workers and the South Side of Chicago.