Chrysler, Getrag in $530 mln Indiana joint venture

Chrysler group said today that it has agreed to build a new transmission plant in Indiana, in a $530 million joint venture with German supplier Getrag.

The plant in Tipton, Ind., will make more fuel efficient dual-clutch transmissions for Chrysler brand vehicles, the companies said in a statement.

Automotive News first reported details of the plan Monday morning.

Under the terms of the joint investment, Getrag would have operational responsibility for the new plant and employ about 1,050 Chrysler group workers represented by the United Auto Workers union. A breakdown of the planned investment was not immediately available.

The plant is scheduled to start production in 2009, with capacity to make 700,000 transmissions annually, Chrysler said.