DaimlerChrysler - Fenton, Missouri | Trade and Industry Development

DaimlerChrysler - Fenton, Missouri

Two of the most modern, most flexible automotive assembly plants that allow workers to assemble as many as four different automobile models at one time will be the result of DaimlerChrysler’s December 2005 announcement of its plan to invest $1 billion to revamp and retool its South and North plants off Interstate 44 in Fenton, Missouri. The $1-billion investment is slated to occur over a five- to six-year period, ensuring the stability of DaimlerChrysler’s current Fenton workforce of 6,200 at the two plants. DaimlerChrysler’s investment will be aided by $32 million in state incentives. The funds will be allocated over several years: $16 million will go to job training bonds under Missouri Job Retention and Retraining program and $16 million will be allocated under the Business Use Incentives for Large Scale Development, or BUILD Missouri program. In addition to the state incentives, Fenton had already committed to abate Chrysler’s local property taxes, generating a $46-million savings over the next 15 years if the automaker invests the full $1 billion. Chrysler said the local tax-abatement package was critical to its proposal.