President Barack Obama, Vice President Joe Biden and other special guests are scheduled to pay a visit to Chrysler Group's Indiana Transmission Plant II in Kokomo, Ind., today -- where the company has already confirmed an additional planned investment of $843 million in its local facilities.

 

When combined with previously announced investments totaling $343 million in its Kokomo facilities, this potential new investment would make the city the recipient of the largest investment -- $1.1 billion – in a single year in a single community, pending the Kokomo City Council’s approval of Chrysler Group’s tax abatement application on Dec. 13, 2010. The investment would fund the installation of equipment and special tooling to modernize the Indiana Transmission Plants and the Kokomo Casting Plant.

 

The project would extend the life of these manufacturing facilities and help retain nearly 2,250 jobs.

 

Chrysler Group will be partnering with Friedrichshafen, Germany-based ZF Group on the next generation front-wheel drive transmission, which is making its designs and technology available to the company and its Kokomo plants.
 

We'll post more details of the presidential visit -- including photos -- later.

 

For more details on Chrysler Group's Kokomo, Ind., investments, see here.