KOKOMO — Included in Governor Eric Holcomb's State of the State speech Tuesday was a bit of good economic news for the state and the Kokomo region.
Fiat Chrysler plans to pump $400 million into an expansion and retooling at its Indiana Transmission Plant 2 in Kokomo.
A new engine will be built there, the GMET4 engine. A press release from the Indiana Economic Development Corporation says a workforce of more than 1,000 people will be needed. There will be some new hires, but how many isn't clear. Fiat Chrysler already has a major presence in Kokomo and some workers may come from those facilities.
"Our Indiana operations have historically been known as the largest transmission installation in the world," said Fiat Chrysler Vice President Brad Clark. "With this potential investment, FCA has the opportunity to diversify our presence in the region. We look forward to working with the state and the City of Kokomo to finalize over investment plans."
"I am looking forward to working with FCA as we finalize this plan for this investment in our community," said Kokomo Mayor Tyler Moore. "Kokomo has always been a leader in making the best automotive products in the world."
Fiat Chrysler has about 92,000 employees in North America, including nearly 8,000 in Indiana.