Louisville Ford plant to make $550m in upgrades
The Ford Motor Co. is making a large investment, $550m in total, in Louisville by way of its two local plants.
Ford’s Louisville Assembly Plant will receive the bulk of the upgrade money in preparation for the launching of its all new Escape SUV’s. This plant will also begin in the fall to build the Lincoln Corsair.
The announcement comes as negotiations for a four-year labor contract are taking place between the Ford Motor company and the United Auto Workers. In fact, the $550m sum is part of the labor contract, which expires this Saturday, September 14, from four years ago.
The Kentucky Economic Development Finance Authority, upon hearing about the company’s investment, increased its economic development incentive by $40m. In addition to changing the amount Ford could collect from the program, the previous “job retention” agreement was extended by three years, to run through 2024.
To collect the whole $35m, portioned out in yearly installments over the life of the agreement, Ford must keep 90% of its 12,070 fulltime workers from Kentucky. Details like this are often best spelled out in writing, perhaps with the help of newsletter or flyer printing.
Lawmakers in the Bluegrass state created a mega-economic development incentive in 2007, especially for Ford, to keep the company here. Since then, the company has reported putting $2.95bn in its two Louisville plants, including the recently announced $550m.
Ford’s Louisville Assembly Plant will receive the bulk of the upgrade money in preparation for the launching of its all new Escape SUV’s. This plant will also begin in the fall to build the Lincoln Corsair.
The announcement comes as negotiations for a four-year labor contract are taking place between the Ford Motor company and the United Auto Workers. In fact, the $550m sum is part of the labor contract, which expires this Saturday, September 14, from four years ago.
The Kentucky Economic Development Finance Authority, upon hearing about the company’s investment, increased its economic development incentive by $40m. In addition to changing the amount Ford could collect from the program, the previous “job retention” agreement was extended by three years, to run through 2024.
To collect the whole $35m, portioned out in yearly installments over the life of the agreement, Ford must keep 90% of its 12,070 fulltime workers from Kentucky. Details like this are often best spelled out in writing, perhaps with the help of newsletter or flyer printing.
Lawmakers in the Bluegrass state created a mega-economic development incentive in 2007, especially for Ford, to keep the company here. Since then, the company has reported putting $2.95bn in its two Louisville plants, including the recently announced $550m.