Ford Chalking Up Plans To Modernize Its Research and Engineering Hub
Investment will be directed towards three facilitates, as well as expansion of a technical center.
Ford Motor Company (NYSE:F) has set itself a decade long plan in modernizing its research and engineering hub in Dearborn Michigan and also to consolidate most of its 25000 employees in a new updated office, as well as a testing space. The campus was first built in the early 50’s before more buildings were added to it in order to meet rising demand for new talent, and develop and market more complicated car models.
According to sources from the real estate industry, Ford could launch the billion-dollar investment in the complex after selecting an architectural firm that is responsible for designing it.
The documents shared by a Ford Land Development Corp. representative show that the proposals involve building improvements, construction, demolition, infrastructure upgrades as well as more green spaces on top of added parks.
The complex that will be constructed includes testing labs and engineering offices on top of ancillary buildings. The automaker is currently weighing as to how to reconfigure the campus best based on the space available that is due for a makeover. Ford says that the redesigned places will reflect “the latest workplace trends and changing technologies.”
Ford Motor Company is not the only automaker that is upgrading its research and engineering hub; General Motors has also announced more than a billion dollar investment in the GM’s vehicle development center that is expected to generate less than 3000 jobs as part of its $5.5 billion. It is expected to be completed by 2018.
Ford has not stated project completion time; even though he has stated that it is a decade long plan. The design will feature walking paths and other green spaces as part of its commitment to be a responsible entity for sustainable living.
However, the question remains regarding the need for all the redesigning, other than an increase in demand. Apparently, it is a part of a plan for the two automakers, which are trying to improve its development center in order to make it more attractive for workers to join their company and retain them.
Architect, Matt Rossetti, says that a good-looking environment internally is necessary since an inferior one gives a message that workers do not merit an investment on them, though at the same time, they do not want to spend money on themselves for the shareholders purpose.
Ford’s stock price ended the day at $15.15, a decline of 0.62% from the previous day.