Chrysler plans to invest $266 million in two Kokomo plants
KOKOMO, Ind. (Dec. 8, 2014)– Chrysler Group LLC announced plans Monday to invest $266 million in new manufacturing equipment in Kokomo.
The investment will enable the company to expand production of its 8-speed transmissions at two of its four Kokomo plants.
Chrysler says that consumer demand for fuel-efficient vehicles with the 8-speed transmission led to the need to increase manufacturing capacity. More than one million Chrysler vehicles equipped with the Kokomo-built, 8-speed automatic transmission have been sold.
“Chrysler’s investment is one in a series of recent indicators for Kokomo’s continued economic expansion,” said Kokomo Mayor Greg Goodnight. “Kokomo is thriving. Our city’s economic development strategy and quality-of-life initiatives for all of Kokomo are intended to facilitate this type of private investment.”
Since 2009, Chrysler has invested more than $1.5 billion at its Kokomo transmission plants.
In 2012, Chrysler completely overhauled the 3.1 million square-foot Kokomo Transmission Plant and installed new manufacturing equipment necessary to produce the 8-speed transmission.