Current:Home > ContactToyota 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:2025-04-18 01:34:12
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! (8497)
Related
- Rolling Loud 2024: Lineup, how to stream the world's largest hip hop music festival
- The average long-term US mortgage rate falls to 7.5% in second-straight weekly drop
- Amazon takes another shot at health care, this one a virtual care service that costs $9 per month
- Citi illegally discriminated against Armenian-Americans, feds say
- B.A. Parker is learning the banjo
- Germans commemorate ‘Night of Broken Glass’ terror as antisemitism is on the rise again
- U.S. childhood vaccination exemptions reach their highest level ever
- Revisiting Bears-Panthers pre-draft trade as teams tangle on 'Thursday Night Football'
- Trump issues order to ban transgender troops from serving openly in the military
- Amazon takes another shot at health care, this one a virtual care service that costs $9 per month
Ranking
- Tree trimmer dead after getting caught in wood chipper at Florida town hall
- Apple hits setback in dispute with European Union over tax case
- Analysts warn that Pakistan’s anti-migrant crackdown risks radicalizing deported Afghans
- Artists’ posters of hostages held by Hamas, started as public reminder, become flashpoint themselves
- Spooky or not? Some Choa Chu Kang residents say community garden resembles cemetery
- Actors strike ends: SAG-AFTRA leadership OKs tentative deal with major Hollywood studios
- Shop the Best Early Black Friday Coat Deals of 2023: Save Up to 50% On Puffers, Trench Coats & More
- An inside look at Israel's ground assault in Gaza
Recommendation
Why we love Bear Pond Books, a ski town bookstore with a French bulldog 'Staff Pup'
Jelly Roll talks hip-hop's influence on country, 25-year struggle before CMA Award win
Khloe Kardashian Proves True Thompson and Dream Kardashian Are Justin Bieber's Biggest Fans
Fights in bread lines, despair in shelters: War threatens to unravel Gaza’s close-knit society
Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'
Missing 5-year-old found dead in pond near Rhode Island home
Nearly half of Democrats disapprove of Biden’s response to the Israel-Hamas war, AP-NORC poll shows
What is Diwali, the Festival of Lights, and how is it celebrated in India and the diaspora?