Thursday, April 24 2014 3:47 PM EDT2014-04-24 19:47:30 GMT
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Chrysler Group announced Friday that it would invest nearly $20 million in its Toledo Machining Plant in Perrysburg Township.
The investment will allow the factory to increase production of the torque converter for Chrysler's nine-speed transmission. The new transmission will debut in the 2014 Jeep Cherokee.
The 1.2 million square foot facility produces steering columns and torque converters for 14 Chrysler assembly plants in Toledo, Michigan, Indiana, Illinois, Canada, Mexico, Venezuela and Egypt. Chrysler employs 884 people at the plant.
The investment will not bring any new jobs to the plant.
"The new nine-speed transmission is a critical part of our strategy to meet fuel economy requirements over the next several years and Toledo Machining will play an integral role in bringing this transmission to market," said Scott Garberding, Senior Vice President, Manufacturing, Chrysler Group LLC. "Securing this additional investment is a testament to the dedication and commitment of the plant's workforce and helps secure its future long-term."