PERRYSBURG, Ohio (AP) - Chrysler Group LLC plans to invest $72 million in a northwest Ohio factory and says it is negotiating with state officials over incentives.
The automaker wants to modernize the Toledo Machining Plant in Perrysburg to produce new-generation torque converters and steering columns. The converters would be paired with new transmissions Chrysler is making in Kokomo, Ind., as part of the automaker's strategy to meet fuel economy requirements.
The company says the upgrade and new equipment would help secure the factory's future and retain 640 hourly and salaried jobs there.
Work on the plant would begin this year and end by early 2013.
The facility currently makes steering columns for eight assembly plants, including one in nearby Toledo.