Current:Home > MarketsOliver James Montgomery-Toyota to invest $922 million to build a new paint facility at its Kentucky complex -FundWay
Oliver James Montgomery-Toyota to invest $922 million to build a new paint facility at its Kentucky complex
PredictIQ Quantitative Think Tank Center View
Date:2025-04-08 08:25:42
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! (5)
Related
- Rylee Arnold Shares a Long
- A clemency petition is his last hope. The Missouri inmate is unhappy with it.
- Teresa Giudice Breaks Silence on Real Housewives of New Jersey's Canceled Season 14 Reunion
- That Girl Style Guide: Which It Girl Are You? Discover Your Fashion Persona
- Highlights from Trump’s interview with Time magazine
- Sen. John Fetterman was treated for a bruised shoulder after a weekend car accident
- Liberal Judge Susan Crawford enters race for Wisconsin Supreme Court with majority at stake
- 6-year-old killed in freak accident with badminton racket while vacationing in Maine
- Chuck Scarborough signs off: Hoda Kotb, Al Roker tribute legendary New York anchor
- Lindsay Hubbard Reveals the Shocking Amount of Money She Lost on Carl Radke Wedding
Ranking
- Alex Murdaugh’s murder appeal cites biased clerk and prejudicial evidence
- Key witness who says he bribed Bob Menendez continues testifying in New Jersey senator's trial
- Reverend James Lawson, civil rights activist and nonviolent protest pioneer dies at 95
- Denise Richards, Sami Sheen and Lola Sheen Are Getting a Wild New E! Reality Series
- Federal court filings allege official committed perjury in lawsuit tied to Louisiana grain terminal
- The Daily Money: Are you guilty of financial infidelity?
- How to stop Google from listening to your every word
- Florida man pleads not guilty to kidnapping his estranged wife from her apartment in Spain
Recommendation
Taylor Swift Eras Archive site launches on singer's 35th birthday. What is it?
Bypassing Caitlin Clark for Olympics was right for Team USA. And for Clark, too.
Buc-ee's opens doors to largest store in Texas: See photos of Luling outlet
Kylie Jenner's New Blonde Bob Is a Nod to Marilyn Monroe
A South Texas lawmaker’s 15
Dan Hurley staying at Connecticut after meeting with Los Angeles Lakers about move to NBA
This NYC vet makes house calls. In ‘Pets and the City,’ she’s penned a memoir full of tails
Mexican authorities clear one of Mexico City’s largest downtown migrant tent encampments