NEW YORK (AFX) -- Ford Motor Company and General Motors announced Monday a
$720 million investment in their plants to build a new six-speed front-wheel
drive automatic transmission. The two carmakers said that more than 1,100 jobs
will be "retained" as a result of the investment. The new automatic transmission
will be built at General Motors' transmission plant in Warren, Michigan and
Ford's Van Dyke, Michigan and Sharonville, Ohio transmission plants. Shares of
General Motors were up 78 cents at $46.17, and Ford climbed 22 cents at $13.34
at the close of trading Friday.
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