Friday, September 6, 2013

Tribune Reports Snavely Machine & Manufacturing Offered Abatement for Investment in Peru

From the Kokomo Tribune:

A Peru manufacturing company plans to add 10 new jobs and buy $3.4 million in new equipment to keep up with increased production at the Chrysler plant in Kokomo and the automaker’s new facility coming to Tipton. Snavely Machine & Manufacturing Co., 1070 Industrial Parkway, announced Tuesday it will double its resin impregnation lines that seal aluminum castings, and increase its production of torque convertors used in Chrysler’s new nine-speed transmission.

Company President Joe Kinney said Snavely is the sole provider of resin impregnation at Chrysler’s Kokomo plant, and will also provide the sealing to the new Tipton plant. Chrysler announced in February it was acquiring the former Getrag facility in Tipton, and investing $162 million to establish an additional assembly site for its nine-speed transmission. The company projected it would begin production in early 2014 and create up to 850 new jobs.

Peru City Council Tuesday unanimously approved a 10-year tax abatement on the new equipment.