NEW: $68 million for Chrysler casting plant
September 25, 2008
— Kokomo Indiana city officials announced Thursday Chrysler LLC will make a $68 million investment in the Kokomo Casting Plant, bringing in equipment to help manufacture the new Phoenix engine.
“Chrysler has been a part of this community for 70 years,” said Kokomo Mayor Greg Goodnight. “This investment is just another sign that they plan to be a part of this community for decades more.”
With the investment, the plant will make castings for Chrysler’s new Phoenix six-cylinder engine and parts for the Getrag transmission plant currently under construction in Tipton County.
The plant will make an engine block for Chrysler’s new Phoenix engine, and it will produce transmission cases and smaller parts for Getrag. KCP is one of four factories that Chrysler LLC operates in Kokomo.
“Chrysler is showing its commitment to Kokomo with a multi-million dollar investment,” said Kokomo Director of Development Debra Cook. “This commitment is the result of a highly skilled work force and a strong and lasting partnership between the company and the citizens of Kokomo.”
With the support of the administration, the Kokomo Common Council will assist Chrysler’s investment by considering abatement on the new equipment. The proposed abatement goes before the council at its Monday meeting. Even with the abatement, the investment would add an estimated $2.76 million to the local tax rolls over the next 10 years.
LINK:NEW: $68 million for Chrysler casting plant
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