Caterpillar plans $73.6 million Indiana expansion, 125 jobs

Heavy equipment and machinery maker Caterpillar plans to spend $73.6 million to renovate its facilities in the Lafayette area in a project expected to add 125 jobs at the company over the next few years.

Deerfield, Illinois-based Caterpillar plans to make the investment in building improvements, information technology, software and equipment, the Journal & Courier of Lafayette reported, citing documents submitted to the Lafayette Redevelopment Commission. The new jobs are expected to pay average full-time hourly wages of $27.95.

Caterpillar's Lafayette facility already employs 1,353 workers. The plant specializes in producing medium-speed diesel engines for marine, petroleum, electric power, locomotive, and industrial applications.

Caterpillar spokeswoman Lisa Miller said the company isn't immediately releasing additional information beyond what was in the documents.

A designation of an economic revitalization area for a 10-year tax abatement is expected to be considered Thursday by the Lafayette Redevelopment Commission.

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