FCA division will invest $12.6M, create 106 jobs in Oakland County
Fiat Chrysler Automobiles’ Magneti Marelli components business plans to invest $12.6 million and create 106 new jobs in Oakland County.
As a result of the planned investment, the Michigan Strategic Fund board approved an almost $1.6-million Michigan Business Development Program grant this week for the company.
“The company is hiring new employees, constructing new labs and adding machinery to its Auburn Hills location(s). In connection to the anticipated growth, the company anticipates exploring the opportunity for a larger facility to accommodate all employees under one roof,” according to a memo on the project.
Magneti Marelli, which is based in Italy, was in the news last year as FCA secured a $7-billion deal to sell the business to CK Holdings, which is a holding company of Japan’s Calsonic Kansei Corp. That deal “will create the world’s seventh-largest global independent automotive components supplier,” according to a Free Press report at the time. The sale is expected to be completed this year, and the new entity would be known as Magneti Marelli CK Holdings.
Magneti Marelli supplies electronics, automotive lighting and powertrains, and had about 43,000 employees worldwide as of October.
Auburn Hills Mayor Kevin McDaniel cheered the expansion plans in his city.
“We are honored that Magneti Marelli has chosen to continue its growth in Auburn Hills. This new investment will allow Magneti Marelli to continue developing technologies that will contribute to the advancement of mobility,” McDaniel said in a news release.
A message seeking additional comment was sent to a spokesperson for Magneti Marelli.
Posted By: Detroit Free Press on January 23, 2019. For more information, please click here to read the source article.
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