Thursday, February 16, 2012
Steve Fermier and Associated Press
Gov. O’Malley joined other officials touring the new expansion at the former Allison Transmission
The former Allison plant in White Marsh will soon be hiring nearly 200 workers for some manufacturing work now being done in Mexico.
Gov. O’Malley and other officials took a tour of the plant now called GM Baltimore Operations to look over the new expansion that will be used to build electric motors for a new generation of hybrid and plug in vehicles.
The plant will begin making motors for the planned Chevrolet Spark which is to come out in 2013.
The plant, known for years as the Allison Transmission, now makes transmissions for Chevrolet Silverado and GMC Sierra pickups and parts for hybrid versions of some larger GM vehicles.
Company Profits Announced
And General Motors announced today it earned its highest profit ever last year.
The 103-year-old company made $7.6 billion in 2011, up 62 percent from 2010.
Full-year revenue rose 11 percent to $105 billion.
North America led the way with a $7.2 billion pretax profit. But problems surfaced that could hurt future earnings. GM lost $700 million before taxes in Europe, and lost $100 million in South America.
GM’S fourth-quarter profit was flat with 2010. GM earned $500 million, or 28 cents per share. Revenue rose 3 percent to $38 billion. Before one-time items, GM earned 40 cents per share
Analysts expected earnings of 42 cents on revenue of $37.9 billion.
The company says union workers will get $7,000 profit-sharing checks.