Current:Home > MarketsToyota to invest $922 million to build a new paint facility at its Kentucky complex -Aspire Financial Strategies
Toyota to invest $922 million to build a new paint facility at its Kentucky complex
View
Date:2025-04-19 04:14:05
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! (1)
Related
- McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
- Why Julia Roberts calls 'Pretty Woman'-inspired anniversary gift on 'RHOBH' 'very strange'
- Lawsuit challenges Alabama inmate labor system as ‘modern day slavery’
- Fed expected to stand pat on interest rates but forecast just two cuts in 2024: Economists
- Intel's stock did something it hasn't done since 2022
- Congo and rebel groups agree a 3-day cease-fire ahead of the presidential vote, US says
- Newest, bluest resort on Las Vegas Strip aims to bring Miami Beach vibe to southern Nevada
- Bear! Skier narrowly escapes crashing into bear on Tahoe slope: Watch video
- Trump's 'stop
- Biden's fundraisers bring protests, a few celebrities, and anxiety for 2024 election
Ranking
- House passes bill to add 66 new federal judgeships, but prospects murky after Biden veto threat
- How the presidents of Harvard, Penn and MIT testified to Congress on antisemitism
- USWNT received greatest amount of online abuse during 2023 World Cup, per FIFA report
- Biden says Netanyahu's government is starting to lose support and needs to change
- Person accused of accosting Rep. Nancy Mace at Capitol pleads not guilty to assault charge
- Hilary Duff announces she's pregnant with baby No. 4: 'Buckle up buttercups'
- Zara pulls ad after backlash over comparison to Israel-Hamas war images
- Zara says it regrets ad that critics said resembled images from Gaza
Recommendation
The Super Bowl could end in a 'three
How to watch 'The Amazing Race' Season 35 finale: Date, time, finalists, what to know
Teen fatally shot as he drove away from Facebook Marketplace meetup: Reports
Guy Fieri talks Super Bowl party, his son's 'quick engagement' and Bobby Flay's texts
Google unveils a quantum chip. Could it help unlock the universe's deepest secrets?
Biden to meet in-person Wednesday with families of Americans taken hostage by Hamas
South Dakota vanity plate restrictions were unconstitutional, lawsuit settlement says
North Carolina officer who repeatedly struck woman during arrest gets 40-hour suspension