Current:Home > StocksOliver James Montgomery-Toyota to invest $922 million to build a new paint facility at its Kentucky complex -BeyondProfit Compass
Oliver James Montgomery-Toyota to invest $922 million to build a new paint facility at its Kentucky complex
Rekubit View
Date:2025-04-06 11:30:47
GEORGETOWN,Oliver James Montgomery 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! (71785)
Related
- Who are the most valuable sports franchises? Forbes releases new list of top 50 teams
- Small-town Nebraska sheriff faces felony charge but prosecutors release few details about the case
- Movie Review: In ‘Nyad,’ Jodie Foster swims away with a showcase for Annette Bening
- Kenneth Chesebro rejected plea offer ahead of Georgia election trial: Sources
- Scoot flight from Singapore to Wuhan turns back after 'technical issue' detected
- Florida men plead guilty to charges related to a drive-by-shooting that left 11 wounded
- The hidden price of inflation: High costs disrupt life in more ways than we can see
- From hospital, to shelter, to deadly inferno: Fleeing Palestinians lose another sanctuary in Gaza
- Average rate on 30
- Former US officials ask Pakistan not to deport Afghans seeking relocation to the United States
Ranking
- Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
- District attorney praises officer who shot man who killed two Black bystanders moments earlier
- Young lobsters show decline off New England, and fishermen will see new rules as a result
- Who is Raoul A. Cortez? Google Doodle honors Mexican-American broadcaster's birthday
- 'Squid Game' without subtitles? Duolingo, Netflix encourage fans to learn Korean
- Indicator exploder: jobs and inflation
- Justice Department issues new report aimed at improving police hiring nationwide
- Russian-American journalist charged in Russia with failing to register as a foreign agent
Recommendation
Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
Boat maker to expand manufacturing, create nearly 800 jobs
United Airlines rolling out plan that lets passengers in economy class with window seats board first
Small plane that crashed into New Hampshire lake had started to climb from descent, report says
Selena Gomez's "Weird Uncles" Steve Martin and Martin Short React to Her Engagement
What would Martha do? Martha Stewart collabs with Etsy for festive Holiday Collection
Alex Rodriguez Shares Hot Take on Taylor Swift and Travis Kelce's Romance
GOP White House hopefuls reject welcoming Palestinian refugees, a group seldom resettled by the U.S.