Ford to spend $335 million on Ohio engine plant

LIMA, Ohio, July 15, 2003; Reuters reports that Ford Motor Co. said on Tuesday it would spend $335 million to retool an Ohio engine plant for building up to 325,000 V6 engines a year.

The plant in Lima, Ohio, will begin to build a new 3.5 liter V6 engine by the end of 2005 that will be used in a variety of Ford, Lincoln and Mercury cars and sport utility vehicles.

Ford, in a statement, did not disclose detailed specifications for the new engine, but the company has a need for V6 engines that produce at least 220 horsepower, which have become typical in mid-size sedans, minivans and SUVs.

Ford received some government tax incentives to revamp the plant. The plant employs about 1,600 workers.