LAFAYETTE, Ind. (WLFI) — Caterpillar will be going ahead with its $77.3 million investment at its Lafayette facility. The Lafayette Redevelopment Commission approved Caterpillar’s tax abatement requests at its Thursday meeting.
According to paperwork on the Lafayette Redevelopment Commission website, Caterpillar will be investing in building improvements, information technology software, and equipment.
Currently, the Lafayette facility employs about 1,300 people. The renovation would add 125 additional full-time jobs at a rate of about $27 an hour.
Greater Lafayette Commerce's Jody Hamilton said this is a sign of more investments to come.
"All the companies are always looking at what they need to do to become competitive in the global market," said Hamilton. "With that sometimes comes new investment and upgrading what they're doing and what they have currently and trying to find a way to be more efficient."
The timeline for the renovation is 8 to 12 months.