One of Lafayette’s largest employers is planning a big expansion at its Tippecanoe County operations. Illinois-based Caterpillar Inc. (NYSE: CAT) is seeking tax incentives on a proposed $73.6 million investment that could add 125 jobs. The heavy machinery manufacturer also says more than 1,350 employees will be retained as a result. The new jobs are expected to pay an average of around $28 per hour.
The company says financing has already been approved for the project and the work will include new machinery, technology and software. Caterpillar has a 1.9 million square-foot presence in the Tippecanoe County city. Improvements and the hiring of additional employees are slated to take place over the next three years.
Caterpillar is requesting a 10-year tax abatement from the Lafayette Redevelopment Commission. It will go before commissioners for approval Thursday.