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.