Things are looking up for one of “America’s Fastest-Dying Towns,” Kokomo, Indiana. The small Midwestern town is home to Chrysler’s transmission manufacturing facilities and was in a sharp decline until recently, where Chrysler Group CEO Sergio Machionne announced a massive $843 million investment that would, “retain nearly 3,500 U.S. jobs.”

The influx of funds is designed to modernize the plant – as well as retool and retrain many of the line employees – for the production of a new front-wheel drive automatic transmission, which, when added to previous investments, totals $1.1 billion specifically for the Kokomo facilities. This of course, after the announcement of the brand’s new 8-speed automatic transmission expected for all LX-based cars.

Working in conjunction with the German supplier, Chrysler will not only be manufacturing the new FWD gearbox here, but also the design and development – working together with ZF.

“For years, Kokomo has been at the center of our powertrain strategy, and the potential of an additional investment reaffirms that position,” explained Marchionne in a statement. “When introduced, this new front-wheel-drive transmission, along with the previously announced eight-speed transmission we will also produce in Kokomo, will transform our future products and position them as leaders in the marketplace.”

“With the promise of investing more than $1 billion into our Kokomo facilities within the last six months, we are demonstrating our commitment to this community and our dedicated workforce,” the CEO continued. “We appreciate the support of the UAW and the City of Kokomo, and look forward to continuing a partnership that will see the Chrysler Group once again become a successful and competitive enterprise.”