Rolls-Royce announced it will invest nearly $600 million in operations and development in Indiana over the next five years.

The investment is the largest the company has made in the U.S. since 1995, according to Monday's announcement.

The company will be renovating its facility near Tibbs Avenue and Raymond Street. The renovations will begin immediately.

“Indiana leads the nation in advanced manufacturing, and Rolls-Royce has been an integral part of our state’s industry for the past 100 years,” Ind. Gov. Pence said. “This global company had a world of options to consider when evaluating plans for future growth, but Rolls-Royce narrowed in on the state of Indiana for this investment because we offer the business-friendly climate, workforce and strategic university partnerships needed to remain competitive and to succeed in the aerospace and defense industry.”

Rolls-Royce will receive about $35 million from the city and state for incentives. They include tax credits and skills enhancement grants.

Among those in attendance for the announcement were Pence, Indianapolis Mayor Greg Ballard and the president and CEO of Rolls-Royce in North America, Marion Blakely.

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