Ford Motor Co.
) has announced plans to invest $150 million in its 63-year old
Buffalo Stamping Plant. The company will also create 350 new
positions at the plant.
Ford will add 25 new subassemblies, including hoods, doors and
fenders, at the Buffalo plant. It will also boost the plant's
capacity by adding a third shift to its press room. Further, the
automaker will add a new blanketing line and upgrade some
equipment to support future product programs.
Ford manufactures doors, quarter panels, hoods, fenders and
other stamped parts for the Ford F-250, F-350, Flex, Edge, Focus
and Econoline, as well as the Lincoln MKX and MKT at the Buffalo
plant. The company wants to boost the efficiency of the plant
through this investment.
Further, Ford will increase the employee base of the plant to
1,000 from 650 at present. The increase will comprise new
workers, transferred employees and people joining back after
These job additions will contribute to Ford's goal of creating
12,000 hourly jobs in the United States by 2015. The automaker
has already achieved over three-fourth of this target. The
company also has a target of hiring 2,200 salaried workers in the
U.S. this year.
Additionally, Ford plans to invest $16 billion in its U.S.
product development and manufacturing operations. This includes
$6.2 billion for plant-specific investments.
Ford currently carries a Zacks Rank #1 (Strong Buy). Other
major automobile stocks worth considering are
Honda Motor Co., Ltd.
General Motors Company
). While Daimler is a Zacks Rank #1 stock, Honda and General
Motors carry a Zacks Rank #2 (Buy).
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