Elio Motors to Buy Former GM Plant in Shreveport, Expects to Employ 1,500 by end of 2015
Unique 3-Wheel Vehicles Will Be
Manufactured at Facility
SHREVEPORT, La. — The RACER Trust today announced an agreement to sell the former General Motors Shreveport Assembly and Stamping Plant to Elio Motors, which will manufacture its line of three-wheeled vehicles at the facility in Caddo Parish, just southwest of Shreveport.
The company says it expects to begin commercial vehicle production in mid-2014, with significant hiring at the Shreveport facility to begin by the second quarter of 2014 and full employment to be reached in late 2015. Elio is expected to employ 1,500 people when it reaches full production.
“This is a watershed moment for the people of Northwest Louisiana, for Elio Motors and for the RACER Trust,” RACER Trustee Elliott P. Laws said. “With this investment, Elio Motors is declaring its belief in American manufacturing and in the quality of the local workforce. Our mission with the RACER Trust includes helping to bring renewed, locally supported economic vitality to former GM sites, and we’re very pleased to have taken this major step toward achieving that goal here in Caddo Parish. We thank Paul Elio, the Caddo Parish Commission, Governor Jindal and his team for making this accomplishment possible. This agreement is the product of a dedicated partnership of private and public leaders who were determined to bring new economic activity to this region.”
Louisiana Governor Bobby Jindal said, “After the loss of GM, we made a commitment to the people of Northwest Louisiana that we would not only pursue possible alternative uses for the old GM facility, but we would also aggressively pursue new projects in the region that would create new job opportunities. From Benteler to Ronpak to Tiburon, we have kept our commitment, and Elio is the latest example of a company that is investing here because of Louisiana’s strong business climate and world-class workforce. We look forward to partnering with them to secure job-creating tenants in the remaining space that is expected to be made available at the former GM facility.”
Elio Motors will manufacture its distinctive three-wheeled vehicles in the former GM Shreveport Assembly and Stamping Plant, a 1.8 million-square-foot facility that was built in 1981 and most recently expanded in 2002. The property also includes a 1.5 million-square foot facility that GM used as a paint shop; an on-site powerhouse and wastewater treatment facility; a rail spur; and 530 acres of land.
Elio said it expects to use about 1 million square feet for its manufacturing operations.
Though the Elio’s design is unique, the vehicles will be manufactured using 100 percent existing, reliable technology that is proven in vehicle manufacturing.
“We are extremely pleased and excited to be part of the Shreveport community with all that it has to offer and feel that Shreveport will be the perfect home for Elio Motors,” said Paul Elio, CEO of Elio Motors. “We want to thank Bruce Rasher and the team at RACER Trust, Caddo Parish and Governor Jindal and his economic development group for sharing the passion for creating high-quality American jobs and for making our dream possible. There were three driving factors in the purchase of the plant: The business-friendly economic environment; the quality of the local experienced workforce; and our unwavering commitment to build Elio vehicles in America, with American workers. We can’t wait to begin our journey in Louisiana.”
“Today’s announcement comes as welcome news,” said Jay Williams, Executive Director at the U.S. Department of Labor's Office of Recovery for Auto Communities and Workers. “The collaborative efforts of Caddo Parish, the State of Louisiana, RACER Trust and, most importantly, their private partners will assist this community in moving forward. Returning the property to productive use will also yield significant economic benefits to the region, and can serve as a model approach for other similarly situated communities across the country. The President’s commitment to rebuilding American manufacturing communities continues.”
“This is an exciting and important economic opportunity for the Shreveport area,” U.S. Senator Mary Landrieu said. “ I have long been a supporter of this plant and was very happy to work with local officials to help make this deal a reality. Bringing an estimated 1,500 direct jobs to the region and more than 2,500 jobs total, this is an important boost to our local economy and the hardworking people in our region. I look forward to continuing to work with our local officials and business leaders to continue this success.”
“It’s certainly welcome news that Elio Motors is choosing Shreveport to create 1,500 jobs, and helping put many of Louisiana’s highly skilled and reliable auto manufacturing workforce to work,” U.S. Senator David Vitter said.
“I wish I could join you all in person to celebrate this important announcement,” said Congressman John Fleming, whose district includes the Shreveport facility. “I’m always grateful for the entrepreneurs who make American manufacturing great, and Elio Motors is bringing that innovative spirit to Shreveport. Louisiana Economic Development, Elio Motors, and the Caddo Parish officials who worked to make this project possible are to be highly commended for bringing life to the former GM plant and for offering new career opportunities for the people in our area. Well done.”
“We are delighted and very proud Elio Motors will manufacture their new vehicle in Caddo Parish,” said Michael Thibodeaux, President of the Caddo Parish Commission. “This is a testament to the spirit of our community and the determination of our leaders who wouldn’t give up on this great facility that once provided the livelihood for so many of our neighbors. We look forward to welcoming the Elio team to our community.”
Elio Motors will receive an incentive package from Louisiana Economic Development. The Caddo Parish Commission also has pledged to work in good faith to undertake financing and support of this project.
Terms of the sale agreement were not disclosed. Closing is anticipated in the spring.
Production at the Shreveport Assembly and Stamping Plant ceased on August 28, 2012. GM produced more than 4.8 million vehicles, mostly light-duty pickup trucks, at the facility, which was among the properties the former General Motors Corp. relinquished as part of its 2009 bankruptcy proceedings. The “new” General Motors had continued operations at the Shreveport plant under a lease with the RACER Trust, which was created by the U.S. Bankruptcy Court in 2011 to take ownership of properties at 89 former GM locations in 14 states.
The Shreveport Assembly and Stamping Plant will be the 25th former General Motors property sold since the RACER Trust was established in March 2011. Total sales proceeds thus far have exceeded $27 million.
About RACER Trust: The RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. RACER is one of the largest holders of industrial property in the United States and is the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust, which is independent, was created by a settlement agreement in the U.S. Bankruptcy Court between the U.S. Government, the 14 states where the former GM properties are located, and the St. Regis Mohawk Tribe, which owns land adjoining one of the properties in Upstate New York.
About Elio Motors: Founded by car enthusiast Paul Elio in 2008, Elio Motors Inc. represents a revolutionary approach to manufacturing an ultra-high-mileage vehicle. The three-wheeled Elio will attain a highway mileage rating of more than 80 mpg while providing the comfort of power windows and air conditioning, accompanied by the safety of multiple air bags and an aerodynamic, enclosed vehicle body. Elio’s first manufacturing site will be in Shreveport, La., with plans for the first production vehicle to roll off assembly lines in 2014 and significant production, sales and distribution of the Elio during the next two years. For more information, visit www.eliomotors.com.
05/26/2017 - MDEQ video series highlights Bay City
5/4/2017 - RACER Trust, idX Corporation Complete Sale of Former GM Manufacturing Plant in Spotsylvania County, Va.
05/02/2017 - RACER Trust Selects Ambrose Property Group for Transformative Development at Former Indianapolis Stamping Plant Property
2/22/2017 - RACER Trust, George W. Auch Company Complete Transfer of University Drive Property in Pontiac, Mich.
2/9/2017 - RACER Trust, Rivore Metals, LLC, Reach Agreement on Sale of Industrial Property in Pontiac, Mich.
1/20/2017 - RACER Trust, Michigan DNR Reach Agreement on Transfer of Riverfront Property in Saginaw
12/20/2016 - RACER Trust, Commonwealth Development Corporation of American Reach Agreement on Sale of Land in Muncie, Ind.
12/19/2016 - RACER Trust Sells Interest in Pontiac Centerpoint Business Campus
12/1/2016 - RACER Trust Sells Property in Muncie, Ind., to M&M Bus Co., Inc.
11/22/2016 - RACER Trust, NorthPoint Development Reach Agreement for Sale of Lansing-Area Industrial Land
11/10/2016 - RACER Trust Completes Sale of Former GM Willow Run Property for Redevelopment as American Center for Mobility
7/27/2016 - RACER Trust Sells Property in Anderson, IN, to Tower Anderson, LLC
7/22/2016 - NorthPoint Development Bringing More Jobs to KCK
7/18/2016 - Agreement Reached on Willow Run Purchase
6/21/2016 - RACER Trust to Seek New Proposals for Purchase, Redevelopment of Prime Property Near Downtown Indianapolis
5/17/2016 - RACER Trust, George W. Auch Company Reach Agreement On Sale of University Drive Property in Pontiac, Mich.
5/10/2016 - RACER Trust Announces Sale of Vacant Land in Pontiac, Mich., to HB Dynamics
5/4/2016 - U.S. EPA Issues Community Update on Massena Cleanup
4/14/2016 - Ohio EPA Issues Covenant Not to Sure for Former RACER Trust Property in Ontario, OH
2/23/2016 - EPLET, LLC, to Continue Service as Administrative Trustee of RACER Trust
1/5/2016 - RACER Trust, Ross Community Center, Inc., Complete Sale of Land in Muncie, IN
11/17/2015 - RACER Trust, Ross Community Center, Inc., Reach Agreement for Sale of Land in Muncie, IN
9/15/2015 - RACER Trust, Ashley Capital Complete Sale of Industrial Land in Livonia, MI
9/9/2015 - U of M Video Highlights Partnership with RACER
6/8/2015 - RACER Trust Announces Sale of Flint Warehouse; More than 200 Jobs Expected
05/28/2015 - Remedial activities resume in Massena
4/29/2015 - RACER Trust Completes Sale of Property in Anderson, IN; Site to be Used by Sirmax North America for Manufacturing
3/20/2015 - U.S. Commercial Service, AmCham Canada, RACER Trust Welcome Canadian Business Leaders for Reception
3/19/2015 - RACER Trust Hires Terradex to Provide Environmental Monitoring Services
2/24/2015 - RACER-Sponsored Student Design Team Wins International Recognition for Research on Sustainable Remediation
2/6/2015 - Resources from SelectUSA
01/15/2015 - Sharing in Good News for Anderson, IN
1/13/2015 - RACER Trust Sells Vacant Land for Redevelopment in Detroit
12/17/2014 - RACER Trust Reaches Agreement with IRG for Sale of Buildings and Land in Pontiac, MI
12/10/2014 - RACER Trust Reaches Agreement with Ashley Capital for Sale of Industrial Land in Livonia, MI
12/02/2014 - RACER Trust Announces Sale to Wayne State University
11/24/2014 - RACER Trust Sells Land in Flint, MI, to Kettering University
11/10/2014 - RACER Trust, NorthPoint Development Agree to Terms for Sale of Industrial Land in Lordstown, OH
10/30/2014 - RACER Trust Announces 10-Year Lease Extension with Roth Global in Salina Industrial Powerpark
09/25/2014 - Brownfields 2015 Brings Focus on Sustainability and Redevelopment to Chicago
09/18/2014 - RACER Trust Honors Perras Environmental Control for Safe, Successful Remediation Work in Massena
9/11/2014 - Lennar Breaks Ground in Ewing
8/26/2014 - AMERICAN Cast Iron Pipe Company Begins Redevelopment of Buick City
8/7/2014 - M1 Concourse Completes Purchase in Pontiac
8/6/2014 - RACER Trust Completes Sale of Former GM CVO Facility to International Turbine Industries
8/6/2014 - CVO Remediation Team Earns EPA Honor
8/4/2014 - RACER Trust Announces Agreement to Sell Former GM Indianapolis Plant Property to REI Investments
8/4/2014 - How Do Detroit's Parolees Fit into the City's Revitalization?
7/29/2014 - How Much Cleaning Up Brownfields is Really Worth
7/29/2014 - The Perfect Partner for Closed Landfills?
7/13/2014 - RACER Trust is Working to Bring Jobs to Toledo
6/23/2014 - Yankee Air Museum Signs Deal for Part of Willow Run Bomber Plant
4/21/2014 - Rebirth of America's Dead Factories
4/1/2014 - Carl Garvey Named General Counsel of RACER Trust
3/6/2014 - RACER Trust Announces Sale of Former GM Livonia Powertrain Plant to Schostak Brothers & Company
2/4/2014 - Mayor Bert Steinmann and the Ewing Township Redevelopment Agency Announce Designation of Lennar Ewing, LLC as Redeveloper for Portion of Parkway Avenue Redevelopment Area
1/15/2014 - Statement from RACER Trust Regarding Donation of Land to City of Anderson, IN
12/09/2013 - RACER Trust Honors D.A. Collins Environmental Services for Successful Completion and 58,000 Safe Work Hours on Massena, N.Y., Project
11/13/2013 - AMERICAN Brings New Investment, Jobs to Flint, MI
11/1/2013 - Plans for $250 million project, up to 800 jobs at former GM site in Moraine, Ohio, ’The home run we have been looking for.’ “
9/30/2013 - NorthPoint, RACER Trust Close Sale in Kansas City, KS; Development Projects Will Create Up to 2,000 New Jobs
09/05/2013 - Connected Vehicle Research Center Planned on Site of Former Willow Run Powertrain Plant
08/08/2013 - RACER Trust Seeking Proposals from Qualified Firms for Redevelopment of Indianapolis Stamping Plant Site
08/01/2013 - Rosie the Riveter's factory gets 2-month reprieve
08/01/2013 - 'Rosie the Riveter' World War Two Bomber Plant Needs $8 Million to Live on as Museum
07/31/2013 - Michigan Aerospace Foundation, Yankee Air Museum and RACER Trust Announce Extension of the Fundraising Deadline for Former B-24 Plant at Willow Run
6/7/2013 - Former Indianapolis Stamping Plant to be Marketed as Vacant Land
6/6/2013 - Fox-47 Coverage of RACER Community Meeting in Lansing, MI
5/23/2013 - M1 Concourse to Buy RACER Land in Pontiac, MI, Develop Destination for Car Enthusiasts
5/16/2013 - RACER Trustee Elliott Laws Receives National Brownfield Leadership Award
4/24/2013 - RACER Trust Working with Yankee Air Museum On Deal for Portion of Willow Run Powertrain Property
04/17/2013 - RACER Trust, Ultimate Soccer Arenas Reach Agreement on Deal for Land in Pontiac, MI
4/02/2013 - Aircraft Maintenance Firm Buying Willow Run CVO Facility; Sale is Expected to Result in Creation of 25 Jobs
3/22/2013 - Sale and Redevelopment of RACER Trust Site in Kansas City, KS, Means 2,000 New Local Jobs
2/7/2013 - RACER Trust Awards Major Cleanup Contract for Former GM Site in Massena, NY, to Local Firm
1/30/2013 - Ewing Township, RACER Trust Agree On Unified Marketing Approach for Former GM Property
1/3/2013 - Elio Motors to Buy Former GM Plant in Shreveport, Expects to Employ 1,500 by end of 2015
12/28/2012 - RACER Trust Completes Sale of Former GM Facility in Ohio to Major Development Company
11/28/2012 - Redeveloping Former GM Sites for New Job-Creating Uses
11/28/2012 - Plans 'On Track' for Sale of Former GM Plant
10/31/2012 - Former GM Assembly Plant in Pontiac Sold for New Industrial Development
10/31/2012 - RACER sells Fiero Assembly plant in Pontiac to Lapeer-based company
10/19/2012 - Event showcases Massena to Canadian companies
9/28/2012 - Marketplace Highlights RACER Mission
9/24/2012 - Former GM Plant Near Shreveport, La., Offers Prime Opportunity for New Investment, Jobs
8/17/2012 - GM Pact Signed, Work Begins to Bring 1,100 Jobs
8/17/2012 - Ontario Council Signs GM Site Development Pact
8/17/2012 - New Plans For Previous GM Plant
8/17/2012 - Ohio Company To Buy Former GM Plant, Bring 1,100 Jobs to Area
8/16/2012 - Major Development Firm Reaches Agreement On Purchase Of Former GM Facility
8/16/2012 - RACER Trust Announces Deal to Sell GM Stamping Plant in Ontario to Brownfield Communities Development Co.
8/16/2012 - Developer Has Big Plans for GM Site in Ontario
8/16/2012 - Filling Building Will Generate Tax Revenues
8/16/2012 - Purchase Agreement Signed for Ex-GM Plant
8/16/2012 - Real Estate Firm to Buy Ex-GM Ohio Plant
8/16/2012 - Richland County: Redeveloped GM Plant to Bring 1,100 Jobs
8/16/2012 - Firm Heading Former GM Site Redevelopment to Sell Ohio Stamping Plant
8/16/2012 - Sale Of Former Ontario General Motors Plant Announced
8/16/2012 - Brownfield Communities Development Buys Ex-GM Facility in Ohio
7/30/2012 - Potential Advantages of Reusing Potentially Contaminated Land for Renewable Energy
7/27/2012 - Repurposing Former Automotive Manufacturing Sites
7/26/2012 - RACER Trust and UEP Detroit Team Up to Provide Opportunities for Minority Entrepreneurs
7/18/2012 - RACER Trust and Goodwill’s Green Works, Inc., Partner to Promote Recycling and Create Job Opportunities in Southeast Michigan
6/28/2012 - RACER Trust looks to convene new industrial activity across a huge portfolio of former GM properties
6/27/2012 - Former Bay City Official Joins RACER Trust Team
6/22/2012 - 'Rosie the Riveter' Bomber Plant in Michigan for Sale
6/21/2012 - Ex-GM Plants for Sale; Must Create Jobs
6/21/2012 - AnnArbor.com: Open House Showcases Former GM Properties
6/21/2012 - Forbes, Jalopnik.com highlight RACER
6/21/2012 - Detroit Free Press: RACER Trust Has Prospects for Buick City Property
6/20/2012 - Detroit News: 'Old' GM sites put to use
6/20/2012 - RACER Event Focused on Jobs, Redevelopment Draws More Than 200 to Willow Run
6/19/2012 - RACER Trust Open House Wednesday at Willow Run Features U.S. Government’s Jay Williams, Mathy Stanislaus
6/12/2012 - Mathy Stanislaus, EPA Assistant Administrator, to Participate in RACER Trust Open House June 20
6/7/2012 - Jay Williams is the Featured Speaker at June 20 RACER Open House
5/10/2012 - RACER Trustee Elliott Laws Presents at Federal Reserve Bank Conference "Reinventing Older Communities"
2/14/2012 - RACER Trust's Bruce Rasher named Chairman, President and CEO of National Brownfield Association
2/13/2012 - Spotlight: Anderson Plant Lighted the Way For GIs
2/8/2012 - RACER's Bruce Rasher appears on Green Sense Radio Show
1/17/2012 - RACER Trust Honors Brandenburg Industrial Service Co. for Safe Work Performance at Massena Site
1/16/2012 - Spotlight: From Red Brick Factory Walls to Golf Course Green
12/26/2011 - Flint Journal reports: Multiple companies discussing buying part of Buick City
12/8/2011 - NY Times Story: Developers Revive Closed Auto Plants
12/8/2011 - Spotlight: Syracuse Industrial PowerPark - From Parts To Multi-Manufacturing
12/5/2011 - RACER Trust Engages Tetra Tech to Continue Ontario Property Cleanup
11/3/2011 - Former White House Aide Joins RACER Trust Team
11/1/2011 - Industrial Contractor Buys Former
GM Facility in Pontiac to Expand Operations
10/24/2011 - RACER Official to Lead National Conference Panel on Investment Opportunities
10/12/2011 - Spotlight: Ewing Plant Built Avenger Bombers
9/13/2011 - Spotlight: Rosie the Riveter Worked at Willow Run
8/12/2011 - Massena Incident Won't Slow RACER Progress
8/9/2011 - Crain's Detroit Business Profile of RACER Trust
7/25/2011 - Former GM Property in Pontiac to be Redeveloped
7/8/2011 - MEDA Annual Meeting
7/6/2011 - RACER Sells Facilities in Ohio, Michigan
6/28/2011 - Former MI Official Selected for Key Role at RACER
6/20/2011 - Veteran Economic Development Leader Directing RACER Redevelopment Initiative
6/20/2011 - Rasher to address Michigan Economic Developers Association Conference
6/13/2011 - RACER Participates In Mayor's Automotive Coalition Webinar
5/10/2011 - Bruce Rasher Provides Expert Analysis
4/29/2011 - Important Announcement Concerning Environmental Contractors
4/5/2011 - Laws Presents at Brownfields
3/31/2011 - RACER Trust Formation Announced
10/20/2010 - US: Settlement with GM on Environmental Liabilities
10/20/2010 - US Settles With GM on Environmental Liabilities
10/20/2010 - White House Announces Trust to Cleanup and Repurpose 89 Former GM Properties