LONDON, UK / ACCESSWIRE / June 20, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for General Motors Co. (NYSE: GM), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=GM. The Company announced on June 16, 2017, that it will open a new supplier park facilitate future vehicle production at its Arlington Assembly. Spanning more than 1.2 million square feet, the park will consist of two industrial manufacturing and warehouse buildings. The park is expected to house around 1,250 employees and will bring about 850 new jobs to Arlington, Texas. For immediate access to our complimentary reports, including today’s coverage, register for free now at:
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About the Announcement
The supplier park is set to enhance the Company’s manufacturing operations and help generate significant benefits to the related businesses and communities. Along with bringing significant employment opportunities to Arlington, the supplier park will create improved logistics efficiency and coordination. With strong supplier and community relations, the Company is well-positioned to create new supplier parks to generate significant benefits to its manufacturing operations and the community in which it operates.
According to the official press release, International Automotive Components (IAC), a key GM supplier, will be introducing operations at the Arlington automotive logistics center. IAC is a global supplier of automotive components and systems, including interior and exterior trim. The Company reported net FY16 sales of $6 billion. Headquartered in Luxembourg, the Company operates 77 manufacturing facilities across 18 countries.
General Motors is the leading automotive conglomerate which serves the world’s largest and fastest growing automotive markets through its production units in 30 countries.
General Motors currently employs approximately 4,225 people to build the world-class Chevrolet Tahoe, MC Yukon, Yukon XL, Suburban, and Cadillac Escalade brands of vehicles. The job opening for the supplier park in Arlington is in addition to the 7,000 jobs earlier announced by General Motors in January 2017. The supplier park will generate approximately $151 million in taxable sales and purchases in Texas, annually, post the execution of the announcement.
The Trump Policy
Donald Trump, the current President of the United States, has decided to renegotiate the 23-year old North American Free Trade Agreement, which has set ground rules for Detroit and foreign-based automakers operating in the US, Canada, and Mexico. General Motors, is also part of these automakers as the SUV’s assembled at GM’s Arlington plant have the highest Mexican content of any vehicles produced in North America.
General Motors plans to add about 1,500 factory jobs in the US after Trump’s public criticism of GM’s Mexican imports. Nevertheless, the Company stated that both the 1,500 jobs and the 600 supplier jobs were planned before Mr. Trump’s election. On January 14, 2017, President Donald Trump overstated job gains boasting about a carmaker that would lay off more workers in Michigan than it will hire in 2018. On the same day, General Motors announced in a speech that it is adding 900 jobs in Michigan.
GM Supplier Park Portfolio
General Motors has been executing a definitive strategy to create supplier parks adjacent to its US manufacturing sites like Northpoint at GM’s Fairfax Assembly Plant in Kansas; Wentzville Assembly Plant in Missouri; Bowling Green Assembly in Kentucky; and the Fort Wayne Assembly Plant in Indiana. Supplier parks near assembly plants result in significant savings from reduced transportation costs, higher quality communications, and continuous improvement activities.
Last Close Stock Review
On Monday, June 19, 2017, the stock closed the trading session at $34.35, rising slightly by 0.17% from its previous closing price of $34.29. A total volume of 11.03 million shares have exchanged hands. General Motors’ stock price surged 5.79% in the last one month and 17.52% in the previous twelve months. The stock is trading at a PE ratio of 5.31 and has a dividend yield of 4.43%. The stock currently has a market cap of $52.31 billion.
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SOURCE: Pro-Trader Daily