General Motors officials say the company will invest $215 million in the GM Saginaw Metal Casting Operation to tool the plant to build components for future GM vehicles.
The plant makes engine blocks and cylinder heads for GM vehicles, including the Buick LaCrosse and Chevy Malibu.
GM says the investment will create or maintain 275 jobs at the plant, which currently employs 630 people.
Later today, Nexteer is expected to announce a large capital investment in its Saginaw operations.
Governor Rick Snyder will attend both events today.