Chrysler CEO Sergio Marchionne announced late Thursday morning Tipton and Kokomo would collectively bring in more than 1,000 jobs and more than $300 million in investment dollars through the production 8- and 9-speed transmissions, a new technology that increases fuel efficiency in larger vehicles.
Governor Mike Pence was on hand for the announcement that stated Tipton will produce 9-speed transmissions, a move that will add 850 jobs and $162 million worth of investments.
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In December, the Kokomo City Council voted to approve property tax breaks requested by Chrysler for $212 million in new equipment for its factories in the city. Tipton County officials also endorsed a similar request on Chrysler's $162 million plans to complete a sprawling factory along U.S. 31 that has never been occupied. German auto parts maker Getrag stopped construction in 2008.
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Chrysler's request to Kokomo officials said the investment will help retain 3,400 jobs in the city.
