Kokomo, Indiana — Chrysler is expected to spend $266 million on new equipment for two central Indiana factories.
The company's plans include expanding production of eight-speed transmissions at the Kokomo factories.
The Kokomo City Council voted unanimously Monday night to give initial approval for a 10-year property tax abatement on the new equipment. The Kokomo Tribune reports the new equipment will boost Chrysler's spending on its five Kokomo-area factories to nearly $1.9 billion since its 2009 bankruptcy.
Chrysler didn't announce any additional hiring with the equipment plan, but said it would help retain more 200 jobs.
The automaker has more than 7,000 workers at its facilities in Kokomo and nearby Tipton.