DETROIT -- Daimler AG's Daimler Trucks North America plans to invest about 157 million euros ($194 million) to “substantially” increase production at Detroit Diesel's engine plant in Redford, Mich., the company said today in an e-mailed statement.
The project is expected to save about 1,900 jobs at the plant, the state of Michigan said earlier this week when approving several incentives for the investment. The board of the Michigan Economic Growth Authority approved a $56.8 million state tax credit for the project.
Detroit Diesel plans to expand its manufacturing operation for a new series of heavy-duty diesel engines.
In addition to a MEGA tax credit, other assistance for the project includes a separate $7 million brownfield tax credit being considered by the Michigan Economic Development Corp., according to a briefing memo prepared for the MEGA board.
Crain's Detroit Business contributed to this report.