The Chrysler Group today announced it plans to invest $72 million in its Toledo Machining plant in Perrysburg, Ohio, to install new equipment and special tooling for the production of front-wheel- and rear-wheel-drive torque converters and steering columns. The investment will also go toward retaining 640 hourly and salaried jobs.
Toledo Machining currently produces steering columns for eight North American assembly plants. The plant also produces torque converters, a component that allows the transmission to shift gears in an automatic transmission, for plants five around the globe.
Work on the 1.2 million square-foot, 45-year-old plant is expected to begin later this year and be completed in the first quarter of 2013.
"We welcome this investment in Toledo Machining as it is an acknowledgement of the high-quality components that have been produced by our skilled workforce for many years," said Scott Garberding, senior vice president and head of manufacturing, Chrysler Group, in a press release. "Being able to bring new technology to this facility secures its long-term future."
Since June 2009, the company has invested more than $3 billion its in U.S. facilities.