Current:Home > ScamsToyota 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
Poinbank Exchange View
Date:2025-04-06 09:33:16
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! (3)
Related
- Arkansas State Police probe death of woman found after officer
- A scholar discovers stories and poems possibly written by Louisa May Alcott under a pseudonym
- Music Review: Rolling Stones’ ‘Hackney Diamonds’ live album will give you serious party FOMO
- Judge limits witness questioning, sets legal standard for Alex Murdaugh jury tampering case
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- Indigenous faith, reverence for land lead effort to conserve sacred forests in northeastern India
- Turkmenistan’s president fires chief prosecutor for failure to fulfill his duties, state media say
- 'You Only Call When You're in Trouble' is a witty novel to get you through the winter
- Biden administration makes final diplomatic push for stability across a turbulent Mideast
- The Best Plus Size Workwear That’s Comfy and Cute— Nordstrom Rack, Amazon, Boohoo, SKIMS, and More
Ranking
- Senate begins final push to expand Social Security benefits for millions of people
- Aide to Lloyd Austin asked ambulance to arrive quietly to defense secretary’s home, 911 call shows
- These Nordstrom Rack & Kate Spade Sales Are the Perfect Winter Pairing, Score Up to 78% Off
- Colts owner Jim Irsay found ‘unresponsive’ inside home last month, police say
- Tree trimmer dead after getting caught in wood chipper at Florida town hall
- 'Devastating': Boy, 9, dies after crawling under school bus at Orlando apartment complex
- Josh Duhamel and Audra Mari announce birth of son Shepherd Lawrence: See the sweet photo
- Nearly $1 billion upgrade planned at the airport in Omaha, Nebraska
Recommendation
Juan Soto praise of Mets' future a tough sight for Yankees, but World Series goal remains
Sophie Turner Drops Joe Jonas Lawsuit After Reaching Child Custody Agreement
Ariana Grande Reveals Release Date of Her First Album in More Than 3 Years
Cutting interest rates too soon in Europe risks progress against inflation, central bank chief says
'Most Whopper
Official in Poland’s former conservative government charged in cash-for-visas investigation
UK leader Rishi Sunak tries to quell Conservative revolt over his Rwanda plan for migrants
Overdraft fees would drop to as little as $3 under Biden proposal