KOKOMO, Ind. (AP) -- Chrysler Group LLC is planning a $300 million retooling of two central Indiana factories for a new transmission line.
The Kokomo City Council voted 8-0 on Monday to give preliminary approval to Chrysler's request for a property tax break involving one of the transmission plants in the city and the Kokomo Casting Plant.
United Auto Workers officials say Chrysler plans to start building a fuel-efficient, 8-speed transmission which could be marketed to other auto manufacturers.
Chrysler executives say they're planning a major announcement in about two weeks.
Company vice president Brian Harlow says Kokomo has been the company's place for building transmissions and that it was looking to work with the city. Chrysler estimates the investment will retain 1,184 jobs at the factories.
