The proceeds from the sale of Allison Transmission will be used to cover costs related to plant closings, employee buyouts and vehicle development.

The Allison sale, completed for $5.6 billion is likely to increase GM's earnings by a range between $5.1 billion and $5.4 billion.

Allison, based in Indianapolis, has a workforce of 3,400 people, and designs and manufactures transmissions for trucks, buses and military equipment.