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General Motors Company (GM - Analyst Report) signed an agreement to purchase the original Durant-Dort Carriage Co. facility in Flint, Mich. The 133-year old Flint facility, which is the birth place of General Motors, is known as the Factory One and spans 25,000 square feet.
In addition to the purchase, General Motors plans to act as the curator of the Durant-Dort office building and covert it to a museum with the original boardroom. Currently, the building is being maintained by Flint Historical Foundation. The repair and maintenance of the building is very costly. Henceforth, General Motors will pay for the maintenance and repairs.
General Motors will invest $215 million in Flint Engine Operations, which is a part of $331.8 million total investment in four of the manufacturing facilities. With this strategy, the automaker will be saving 1,000 jobs.
The 1.4-liter Ecotec gas engine will be produced in the Flint Engine Operations. This is part of new family of engines of three to four cylinders, with engine displacement ranging from 1.0 to 1.5 liters.
General Motors is a leading global automotive company. The company has presence in almost 120 countries and has facilities located in 30 countries. It currently retains a Zacks Rank #3 (Hold).
General Motors reported a 28.0% fall in earnings to 67 cents per share in the first quarter of the year from 93 cents in the same quarter of 2012 (all excluding special items) due to lower revenues generated from the company’s all geographic operations except Europe. Despite this, the automaker’s earnings exceeded the Zacks Consensus Estimate by 11 cents per share.
Revenues in the quarter slid 2.4% to $36.9 billion, despite a 3.6% rise in retail unit sales to 2.4 million vehicles globally. It was higher than the Zacks Consensus Estimate of $36.4 billion.
Few stocks that are performing well in the broader industry include Visteon Corp. (VC - Snapshot Report), STRATTEC Security Corporation (STRT - Snapshot Report) and Denso Corp. (DNZOY). All carrying a Zacks Rank #1 (Strong Buy).