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Chrysler Group LLC said today it will invest almost $20 million next year in its machining plant in Perrysburg Township.
The investment will boost capacity for a torque converter that will be paired with Chrysler's upcoming nine-speed automatic transmission scheduled to debut in the 2014 Jeep Cherokee.
The nine-speed transmissions will be built at a Chrysler plant in Kokomo, Ind.
Chrysler said the investment at the Toledo Machining Plant will go toward new equipment and tooling. Installation of the new equipment is scheduled to start in the third quarter of next year.
“We’re very pleased that Chrysler is once again investing in the Toledo Machining Plant and the skilled workforce there,” General Holiefield, vice president and director, UAW Chrysler department, said in a statement. “This will help preserve and enhance jobs in the area and give a greater measure of security to our members and their families well into the future.”
Chrysler says the plant employs about 880 people.
The new Jeep Cherokee will be built at Chrysler's Toledo Assembly Complex and is expected in dealerships sometime in the third quarter of this year. The nine-speed transmission is key to helping Jeep boost the Cherokee's fuel economy. The company has said the Cherokee will get up to 31 miles per gallon.
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