Kokomo's fortunes have been entwined with the auto industry since 1894, when Elwood Haynes invented one of the first automobiles in the United States there. Since the 1930s, when then-Delco (later Delphi) located there, followed by General Motors and Chrysler, the auto industry has been the town's bread and butter.
The automaker says the investment will help retain 1,200 jobs, pave way for production of new eight-speed transmissions.
Investment in transmission and casting plants, however, hinges on city’s ability to offer tax abatement.
Investors who had challenged the bankruptcy sale, including the Indiana State Police Pension Trust, had argued that Treasury
Secretary Timothy Geithner violated the Constitution by using TARP money to finance the sale, and had their arguments overruled
in the appeals court.
The justices on Monday turned down an appeal from the state of Indiana pension funds that earlier challenged the automaker’s
Enginemaker Cummins Inc. is temporarily adding a second production shift at its MidRange Engine Plant south of Columbus, recalling
as many as 270 workers who had been laid off or transferred to other facilities when it was idled in May.
State Treasurer Richard Mourdock’s attempt to stand up for the rule of law in the Chrysler bankruptcy appears to have been
futile, but we applaud the treasurer for trying. Mourdock went all the way to the U.S. Supreme Court to preserve the rights
of secured creditors in bankruptcy cases.
Locally based Powerway Inc. is scrambling to shrink its work force and remake its business plan after the firm’s most lucrative
customer–the ailing automaker Chrysler LLC–said it will no longer use Powerway software or mandate its use among the company’s
hundreds of suppliers. Powerway laid off 14 employees and slashed salaries for many who remain after it learned of Chrysler’s
plans on June 6.