Michigan-based auto systems manufacturer Lear Corp. (NYSE: LEA) has reached a development agreement with the city of Hammond to invest $30 million into a new location. The city says the proposal, which will be considered by the Hammond Redevelopment Commission Tuesday, will allow it to keep its fourth-largest employer in town.
The 240,000 square-foot plant will be located on a long-vacant property. The company says the facility will house 750 workers and have room for physical expansion and additional jobs if demand grows. Lear makes seats for the Ford Explorer at the plant.
The development agreement includes a $4 million incentive provided by the city to Lear Corp. In a news release, the city says the incentive "makes economic sense" because of the large number of high-paying jobs that will stay in Hammond because of the investment.
Hammond Mayor Thomas McDermott says the announcement marks "a great day for our city." He says Hammond has been in competition for the investment with several communities throughout the Chicagoland area, and economic development leaders have worked for the past year to secure the expansion.