DaimlerChrysler's Chrysler unit to invest in engine plant

06/14/07 - newratings.com

NEW YORK, June 14 (newratings.com) – DaimlerChrysler AG’s (DCX) Chrysler Group Wednesday announced its plans to invest $450 million at its Kenosha engine plant in Wisconsin for a new V-6 engine.

The investment is part of the earlier announced $3 billion investment programme for the development of fuel efficient vehicles. Chrysler Group said it would retool its 1.9 million square foot Kenosha plant for the new engine code named "phoenix." The investment will be part funded through a $16.8 million incentive package from Kenosha County, the city of Kenosha and the state of Wisconsin. The plant will begin the production of the new engine in January 2011, Chrysler Group added.