Boston, MA, 11/22/2013 (wallstreetpr) – Soon after Governor Andrew M. Cuomo announced 850 jobs addition to the Western New York, Ford Motor Company (NYSE:F) was quick enough to promise its share of $150 million investment and the creation of 350 new jobs. The company intends to upgrade its Hamburg stamping plant, located right outside Buffalo.
The proposed expansion and introduction of state-of-the-art machinery at the Hamburg facility, which manufactures doors, hoods and other parts, will help the company to gain a competitive edge and lock-in its long term presence in the region.This will further help the second-largest automaker to retain 640 full-time permanent jobs as well as open up 350 new positions, a whopping 54% addition in workforce in Western New York. Governor Cuomo and Empire State Development have jointly contributed to $7 million state incentive package to Ford Motor Company (NYSE:F) to assist in its expansion. In this, $5 million NY Works Fund capital grant will be utilized to purchase the machinery and equipment and the rest $2 million will be awarded for the Ford’s performance based Excelsior Jobs Program tax credits from the state.
The company’s Western New York plant is the only remaining stand-alone plant as all the others were either shut down or were amalgamated with the assembly facilities. The Ford’s investment will include the up-gradation and addition of the press lines. Moreover, the metal pieces or the cut blanks will facilitate Ford to ship this to any Ford Motor Company (NYSE:F)’s plant across the country. The director of the manufacturing,stamping operations,Paul Kosaian, stated that the company is pleased to partner with Gov. Cuomo and the state which will help it to grow strong going forward. He further added that the proposed investment will enhance the manufacturing abilities of the plant as well as maintain a relationship with the Oakville Site and raise employment opportunities for the Western New Yorkers.
The Ford Hamburg plant opened in 1950 and employs nearly 600 people.
