Current:Home > MarketsToyota 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:2025-04-15 17:55:57
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! (26638)
Related
- Don't let hackers fool you with a 'scam
- Nvidia's financial results are here: What to expect when the AI giant reports on its big day
- Bowl projections: Preseason picks for who will make the 12-team College Football Playoff
- Golden Globes tap Nikki Glaser to be the telecast’s next host
- Civic engagement nonprofits say democracy needs support in between big elections. Do funders agree?
- CDC reports 5 more deaths, new cases in Boar's Head listeria outbreak since early August
- San Diego police identify the officer killed in a collision with a speeding vehicle
- Who aced the NHL offseason? Grading all 32 teams on their moves
- Small twin
- Megan Thee Stallion hosts, Taylor Swift dominates: Here’s what to know about the 2024 MTV VMAs
Ranking
- Tree trimmer dead after getting caught in wood chipper at Florida town hall
- Lil Baby arrested in Las Vegas on gun charge; 'defense attorneys investigating the facts'
- Tennessee not entitled to Title X funds in abortion rule fight, appeals court rules
- Police in Washington city banned from personalizing equipment in settlement over shooting Black man
- Former longtime South Carolina congressman John Spratt dies at 82
- The Daily Money: DJT stock hits new low
- Police in Washington city banned from personalizing equipment in settlement over shooting Black man
- Ben Affleck is 'not dating' RFK Jr.'s daughter Kick Kennedy, rep says
Recommendation
Google unveils a quantum chip. Could it help unlock the universe's deepest secrets?
The Paralympic Games are starting. Here’s what to expect as 4,400 athletes compete in Paris
4 fatal shootings by Mississippi law officers were justified, state’s attorney general says
Tori Spelling Shares Why She's Dressing 7-Year-Old Son Beau in School Clothes Before Bed
South Korean president's party divided over defiant martial law speech
Armie Hammer Reveals He’s Selling His Truck Since He “Can’t Afford the Gas Anymore”
Rohingya refugees mark the anniversary of their exodus and demand a safe return to Myanmar
Walmart's prices lowered on thousands of items except in this 'stubborn' food aisle