By Carson Gerber Kokomo Tribune
---- — PERU – A Peru manufacturing company plans to add 10 new jobs and buy $3.4 million in new equipment to keep up with increased production at the Chrysler plant in Kokomo and the automaker’s new facility coming to Tipton. Snavely Machine & Manufacturing Co., 1070 Industrial Parkway, announced Tuesday it will double its resin impregnation lines that seal aluminum castings, and increase its production of torque convertors used in Chrysler’s new nine-speed transmission. Company President Joe Kinney said Snavely is the sole provider of resin impregnation at Chrysler’s Kokomo plant, and will also provide the sealing to the new Tipton plant. Chrysler announced in February it was acquiring the former Getrag facility in Tipton, and investing $162 million to establish an additional assembly site for its nine-speed transmission. The company projected it would begin production in early 2014 and create up to 850 new jobs.
“We’re a small entity to Chrysler, but we’re considered a strategic supplier,” Kinney said.
He said production for Chrysler makes up around 60 percent of Snavely’s business.
Peru Mayor Jim Walker Tuesday praised the company for bringing new jobs to the area. Snavely currently employs 143 people.
“They’ve been a real success story,” he said. “Since coming to Peru, they’ve constantly grown and done well. They’ve been a great corporate partner with the city, and really increased employment.”
Kinney said the company’s growth is a good sign that the auto industry is coming back strong after the devastating recession hit in 2008.
Peru City Council Tuesday unanimously approved a 10-year tax abatement on the new equipment.