Kokomo Tribune; Kokomo, Indiana

Local News

December 21, 2012

Chrysler buys Getrag building

Plant to build nine-speed transmissions.

Tipton — The former Getrag Transmission building in Tipton County has been purchased by the Chrysler Group.

Pat Lindley, the selling agent for W.W. Reynolds, said Friday that Chrysler has purchased the almost 800,000-square-foot building at the intersection of U.S. 31 and Ind. 28.

Lindley with Cassidy Turley in Indianapolis said he could not disclose the selling price.

Earlier this week, the Tipton County Commissioners and Tipton County Council approved a 10-year personal property tax abatement for Chrysler.

The company said it will invest $162 million in machinery and create up to 850 new jobs. Plans call for the manufacturing of the 9-speed transmissions to be used to help the company reach the new federal fleet fuel economy standards that begin to be phased in starting in 2016. Manufacturing operations could start as early as 2013.

The commercial appraisal value of the building completed in 2011 at the request of Tipton County officials was $28 million.

Chrysler Group LLC confirmed that it has closed a deal to purchase a 781,500 square-foot facility on a 103-acre site at the intersection of Ind. 28 and U.S. 31.

This acquisition, along with the abatement request approved earlier in the week by the Tipton County Council on a potential $162 million investment and additional 850 new jobs, continues to build the business case for potential investment and future employment in the region. At this time, the company has no additional information to share about its plans for the building.

The building which is approximately 80 percent complete went on the market in July when Abound Solar, which planned to lease the property from W.W. Reynolds, filed for bankruptcy.

The asking price on the property was $39.5 million.

Mike Cline, president of the Tipton County Board of Commissioners could not be reached for comment Friday.

During the Monday meeting Commissioner Jane Harper said that the project has come full circle for Chrysler and the community since 2008.

She said the beginning of the relationship with Chrysler is due to some give and take by both sides.

“This will be a time of healing for the community and I look forward to this project coming to fruition,” Harper said.

In 2007 Getrag Transmission and Daimler Chrysler announced it planned to build a $580 million plant in Tipton to construct transmissions.

That partnership ended in 2008 with Getrag filing for bankruptcy.

In 2010 Reynolds purchased the facility with the intent of leasing it to Abound Solar for the manufacturing of solar panels. Abound Solar went bankrupt earlier this year.

1
Text Only | Photo Reprints
Local News
  • Illinois man leads police on high-speed chase PERU — An Illinois man driving at speeds of 120 mph led officers from three counties on a high-speed chase Sunday before crashing into a utility pole. Peru police say Isaac K. Hoefling, 31, Lamont, Illinois, was first pulled over by Howard County dep

    July 28, 2014

  • Permanent road closure has Miami Co. residents worried PERU — Residents who live near a safety-flare company that’s expanding north of Peru spoke out against a proposal to permanently close a section of county road that runs through the company’s facilities. Orion Safety Products, located at 3157 N. 500

    July 28, 2014

  • Gary Rhum bringing music lessons to Catholic school Rhum Academy of Music's owner is set to give all students at Sts. Joan of Arc & Patrick School music lessons next year as part of the school's curriculum. When Gary Rhum talks about why he loves to teach kids music, the long-time performer and instru

    July 28, 2014

  • The Annex 01 Move-in date approaching at The Annex of Kokomo A new apartment complex catering to Indiana University students is ready for occupancy. Some students will be able to move into The Annex of Kokomo, located across the street from the IUK campus on Washington Street, as early as Aug. 1, while the maj

    July 28, 2014 6 Photos

  • Commission postpones rezoning vote for Functional Devices land TIPTON — Residents of Prairie Acres subdivision will have to wait at least two more weeks to learn the fate of a pair of zone requests from Functional Devices. At Monday's regularly-scheduled bi-weekly county commissioners meeting, city-county plan d

    July 28, 2014

  • Teachers worry about revamped ISTEP test INDIANAPOLIS (AP) — Indiana teachers heading back to classrooms starting this week are facing the daunting task of preparing students for a standardized test that's been retooled for the third time since 2009. Some teachers and district administrator

    July 28, 2014

  • NWS - KT072514 - Maconaquah celebrates 50 years - CLG Maconaquah alumni return to celebrate school's 50th anniversary Many fond memories were shared recently as 50 years of Maconaquah graduates gathered to celebrate as many years of Maconaquah High School history.But for all the reminiscing that took place, there was an equal amount of well wishes for “the next 50 y

    July 28, 2014 1 Photo

  • Spirits high at Brickyard 400 SPEEDWAY – Despite threatening skies and chances of rain, fans at the Brickyard 400 were not disheartened by the forecast. Brickyard 400 race day dawned with rain and fog, and the sun broke through the clouds at mid-morning. Fans expected the race to

    July 27, 2014

  • NWS - KT072614 - Five Below Grand Opening - pic Five Below opening draws crowds

    Mary Martin is the director of marketing and business development for Markland Mall and, with four grandchildren, she's also a consumer looking for cost-effective deals which still leave her — and the kids — feeling satisfied. Martin was able to purc

    July 27, 2014 1 Photo

  • Mud battle 01 Mud Battle at Oakbrook Church challenges participants

    Challenges are nothing knew to Army Specialist Anthony Walton. An Afghanistan veteran, who was injured in 2011, Walton has endured some of the worst conditions imaginable. While in Afghanistan, Walton was shot more than 30 times in his left arm durin

    July 27, 2014 3 Photos

Latest news
Featured Ads
Only on our website
AP Video
Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Obituaries