GM to invest more than $76 million in New York, Ohio plants

General Motors Co. said Monday it plans to invest more than $76 million into two U.S.-based factories to meet demand for its Chevrolet Silverado and GMC Sierra pickups. GM's Tonawanda, N.Y., engine plant will receive the bulk of the investment, with the Parma, Ohio, plant receiving about $6 million. The Tonawanda investment will be used to increase capacity on the engine block machining line and the Parma investment will be used to construct four new metal assembly cells to support increased truck production volumes, GM said. Shares of GM fell on Monday but so far this year are up more than 14%, roughly matching gains for S&P 500 index.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.