Current:Home > StocksToyota to invest $922 million to build a new paint facility at its Kentucky complex -Elite Financial Minds
Toyota to invest $922 million to build a new paint facility at its Kentucky complex
View
Date:2025-04-20 05:38:39
GEORGETOWN, Ky. (AP) — Toyota said Thursday it will build a new paint facility as part of a $922 million investment at its factory complex in Georgetown, Kentucky, making it the second big addition announced this year at the automaker’s largest global manufacturing plant.
In February, the company said it would invest $1.3 billionat its Kentucky complex, in part so it can build an all-new three-row electric SUV to be sold in the U.S.
Neither project will add any new jobs at the facility, which now employs about 10,000 workers. However, the investments reinforce Toyota’s commitment to long-term job stability, the company said.
The new paint facility, scheduled to open in 2027, will add 1 million square feet of capacity while decreasing carbon emissions by 30% and water usage by 1.5 million gallons per year, Toyota said.
It will enable the company to offer more diverse color options for its vehicles, the company said.
“Toyota’s commitment to advanced paint technologies goes beyond aesthetics,” said Kerry Creech, president of Toyota Kentucky. “It encompasses efficiency, sustainability and quality, leading the industry in environmentally responsible manufacturing.”
The project also will increase flexibility for future vehicle production and advances Toyota’s goal to achieve zero carbon emissions by 2050, the automaker said.
Toyota’s investment in the Bluegrass State has surpassed $11 billion since breaking ground at the central Kentucky site in 1986. Georgetown is 16 miles (26 kilometers) north of Lexington, Kentucky.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
veryGood! (34)
Related
- Opinion: Gianni Infantino, FIFA sell souls and 2034 World Cup for Saudi Arabia's billions
- Pennsylvania police search for 9 juveniles who escaped from detention facility during a riot
- UK police urged to investigate sex assault allegations against comedian Russell Brand
- 11 Mexican police officers convicted in murders of 17 migrants who were shot and burned near U.S. border
- Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
- 58,000 pounds of ground beef recalled over possible E. coli contamination
- 50 Cent reunites with Eminem onstage in Detroit for 'Get Rich or Die Tryin' anniversary tour
- Underwater teams search for a helicopter that crashed while fighting a forest fire in western Turkey
- Trump wants to turn the clock on daylight saving time
- Italy mulls new migrant crackdown as talk turns to naval blockade to prevent launching of boats
Ranking
- Current, future North Carolina governor’s challenge of power
- Senators to meet with Zelenskyy on Thursday
- The strike by auto workers is entering its 4th day with no signs that a breakthrough is near
- Mexican president defends inclusion of Russian military contingent in Independence parade
- A South Texas lawmaker’s 15
- Trial of 3 Washington officers charged with murder, manslaughter in death of Black man set to begin
- Netanyahu visits Elon Musk in California with plans to talk about artificial intelligence
- A railroad worker was crushed to death in Ohio by a remote-controlled train. Unions have concerns
Recommendation
Person accused of accosting Rep. Nancy Mace at Capitol pleads not guilty to assault charge
The Plain Bagel Rule: How naked bread is the ultimate test of a bakery
Republicans propose spending $614M in public funds on Milwaukee Brewers’ stadium upgrades
Mexican president defends inclusion of Russian military contingent in Independence parade
What to watch: O Jolie night
Retrial delayed for man whose conviction in the death of former NFL player Will Smith was overturned
Halloweentown Costars Kimberly J. Brown and Daniel Kountz Tease Magical Wedding Plans
Fire engulfs an 18-story tower block in Sudan’s capital as rival forces battle for the 6th month