General Motors Corp. on Friday announced the sale of an idled suburban Lansing engine plant to Ashley Capital LLC of New York.
Ashley Capital will renovate the plant and lease it to Ryder Supply Chain Solutions, which will support GM's other Lansing-area factories.
"The sale of this surplus property will put a prime piece of real estate in Delta Township to productive use," Matt Cullen, GM's general manager for economic development and enterprise services, said in a statement. "We feel it is important for the communities in which we do business to be successful, and this project will benefit the community while supporting GM's Lansing-area production facilities."
Terms of the sale were not disclosed.
Ryder expects to begin operations in the second half of this year.
The 1.2 million square-foot engine factory closed in 2001 after 20 years of production.
GM's shares fell two cents, or .05 percent, to $37.30 in morning trading on New York Stock Exchange.