Automobile giant Fiat Chrysler Automobiles are in for some major expansion plans. Their Magneti Marelli components are planning to invest $12.6 million in Oakland County in Michigan, the U.S. This will also result in the creation of 106 jobs.
The Michigan Strategic Fund board is said to have approved close to $1.6 million for the company. The planned investment will benefit from the Michigan Business Development Program. The company will be hiring new employees to construct new labs and adding new machinery at it’s Auburn Hills location.
A memo of this project has stated that “In connection to the anticipated growth, the company anticipates exploring the opportunity for a larger facility to accommodate all employees under one roof.”
The Italian company Magneti Marelli was in the news in 2018 as FCA had secured a $7 billion deal. The deal was to sell the business to CK Holdings which is Japan’s Calsonic Kansei Corp’s holding company. The deal is to create the world’s seventh largest independent automotive components supplier.
The sale is said to be completed by 2019 and the new entity would be named as Magneti Marelli CK Holdings. The company will supply electronics, automotive lighting, and powertrains. As of October 2018, it had close to 43,000 employees all around the world.
Kevin McDaniel, mayor of Auburn Hills is enthused about the expansion plans that will hit his city. His news release goes by, “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.”