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Tuesday June 19, 12:58 AMChrysler, Getrag to detail Indiana investmentDETROIT, June 18 (Reuters) - Chrysler Group said on Monday it would detail plans to build a new transmission plant in Indiana in conjunction with German supplier Getrag.Chrysler issued a statement saying representatives of both companies and Indiana Gov. Mitch Daniels would hold a news conference to discuss the new plant in Tipton, Indiana on Monday afternoon. Getrag bought land in Tipton earlier this year to develop a transmission plant after announcing that it had agreed to supply new technology to DaimlerChrysler AG . A Chrysler spokesman declined to provide further detail ahead of Monday's announcement. A representative for Getrag, which has supplied transmissions for Chrysler's PT Cruiser, would not be immediately reached. The joint investment is the latest in a string of such announcements by Chrysler, which said in February it planned to pour a total of $3 billion into an effort to develop and produce more fuel-efficient powertrain systems. In April, Chrysler announced an investment of $1.43-billion in two Michigan plants that will produce axles and a new V-6 engine for Chrysler brand vehicles. Last week, the automaker said it would invest $450 million to retool an engine plant in Kenosha, Wisconsin to build those new V-6 engines, which Chrysler calls its Phoenix project. Chrysler, which is being acquired and taken private by Cerberus Capital Management in a $7.4-billion deal, has been active in seeking out partners to share the cost and risk of new initiatives. The automaker is seeking a deal with China's Chery Automobile Co. to produce small cars for export. It also has an engine manufacturing alliance with Hyundai Motor Co. and Mitsubishi Motors Corp. |
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