Ford, having made over a 500% gain on the share value of stocks is the only company who did not take the automotive bailout money from the government.
Ford has announced that they will be adding 1,200 second shift union jobs in the assembly plant located at 12600 S Torrence Ave in Chicago Illinois. These new jobs will be created under the 2007 union contract agreement that allows Ford to bring on new workers at close to half of the rate of pay and lower benefits than they were paying current employees when they were hired on.
The plant will produce the new version of the Ford Explorer. The Next Generation Ford Explorer will begin production in the fourth quarter of this year. They will make nearly a $400 million investment in the stamping and assembly plants in the Chicago area to reach there production targets. The next-generation Explorer will feature fuel economy gains of at least 25 percent over the current-model Explorer thanks to a combination of EcoBoost engine technology and the use of six-speed transmissions.
Ford is still a global automotive leader even after the automotive market melt down over the last year and a half. Ford manufactures and distributes vehicles in 200 markets across 6 continents.
Ford worked closely with Illinois Gov. Pat Quinn, who led an effort in passing legislation that allows Ford to participate in Illinois Economic Development for a Growing Economy (EDGE) program, which provides tax incentives to businesses that commit to new investments and create or retain jobs in the state. This legislation allows Ford to participate in the EDGE program through payroll tax credits rather than corporate income taxes. Ford’s investment of $400 million in Chicago-area manufacturing facilities and Explorer’s fuel economy improvement of at least 25 percent is also supported by Ford’s green partnership with the U.S. Department of Energy.
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