Chipotle’s stock jumped 4.4% Friday as President-elect Donald Trump’s campaign announced that the restaurant chain would invest $500 million to help create jobs in Ohio and the Rust Belt.
The company said that the investment was the first in the nation and would help expand jobs in both industries.
Trump also announced a tax plan that would eliminate corporate taxes on profits made overseas.
“This investment will bring millions of Americans back to our communities, build our factories, create new jobs and help us rebuild our economy and our communities,” Chipotle CEO Steve Ells said in a statement.
The news comes on the heels of a number of companies announcing investment in the state, including General Mills, Coca-Cola, Kraft Foods, General Motors and Microsoft.
Trump has made his campaign pitch to Ohio voters on his promises to revitalize the state’s manufacturing and infrastructure, and the new investment could bolster the president-elect’s message.
The new investment comes after the Trump campaign announced a $2 billion investment in Ohio last month.
Trump and his campaign have made other commitments in the region, including a new $3 billion convention center in Cleveland, and plans to spend $10 billion in the Buckeye State in the 2020 presidential race.