Rolls-Royce will spend nearly $600 million to re-tool and modernize its Indianapolis facilities. Company officials announced the upgrade this morning and say the work will take five years to complete. The announcement will not create any new jobs at the Indianapolis plant. Instead, Indiana Economic Development Corporation spokeswoman Abby Gras says the company will receive more than $1.4 million in training grants to re-train existing employees on the plant’s new equipment.

Rolls-Royce and its predecessors have employed Hoosiers in Indianapolis for 100 years, and state officials say the upgrade will ensure the company’s continued presence in the state. The company says many of the machines it will replace date back to World War II.