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 | GM gets aide for Australian plant, plans USD1b investment  | |
MENAFN -
- 22/03/2012
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(MENAFN) General Motors unveiled plans to invest USD1.04 billion in its Australian plant over the next decade after getting Australian governments support to help it keep its car plant open until at least 2022, Reuters reported.
Prime Minister Julia Gillard said the national and two state governments would support GM Holden with USD288.08 million, adding that the move is a strategic investment to boost the countrys economy.
The funding for GM Holden comes from the national government's 12 year car industry support package, announced in 2008 at a USD5.65 billion budget, which commits the government to co-invest with car makers to support manufacturing jobs.
The support will secure the jobs of 12,000 people employed by GM Holden's Adelaide car plant and engine manufacturing plant in Victoria, and keep thousands more manufacturing jobs in the components sector.
Australia's struggling car makers, GM Holden and the Australian arms of Toyota Motor Corp and Ford Motor have all cut jobs over dwindling sales and exports due to the global turmoil and a stronger Australian dollar.
GM Holden cut 140 jobs from its Adelaide car plant in February, while Toyota said in January it was cutting 350 jobs at its Australian manufacturing operations.
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