Current:Home > ContactOliver James Montgomery-Toyota to invest $922 million to build a new paint facility at its Kentucky complex -Blueprint Money Mastery
Oliver James Montgomery-Toyota to invest $922 million to build a new paint facility at its Kentucky complex
Rekubit View
Date:2025-04-07 20:40:13
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! (741)
Related
- Trump suggestion that Egypt, Jordan absorb Palestinians from Gaza draws rejections, confusion
- Deal that ensured Black representation on Louisiana’s highest court upheld by federal appeals panel
- TikToker Sofia Hart Details Rare Heart Condition That's Left Her With No Pulse
- Virginia woman wins Powerball's third-prize from $1.55 billon jackpot
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- Giants set to hire Padres' Bob Melvin as their new manager
- Mississippi should set minimum wage higher than federal level, says Democrat running for governor
- 'A Christmas Story' house sold in Cleveland ahead of film's 40th anniversary. Here's what's next.
- Paige Bueckers vs. Hannah Hidalgo highlights women's basketball games to watch
- Things to know about the NBA season: Lots of money, lots of talent, lots of stats
Ranking
- Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
- Jim Irsay says NFL admitted officiating errors at end of Browns-Colts game
- Beer belly wrestling, ‘evading arrest’ obstacle course on tap for inaugural Florida Man Games
- Rents are falling in major cities. Here are 24 metro areas where tenants are paying less this year.
- Global Warming Set the Stage for Los Angeles Fires
- Werner Herzog says it's not good to circle 'your own navel' but writes a memoir anyway
- Serbia and Kosovo leaders set for talks on the sidelines of this week’s EU summit as tensions simmer
- Are I Bonds a good investment? Shake-up in rates changes the answer (a little)
Recommendation
Brianna LaPaglia Reveals The Meaning Behind Her "Chickenfry" Nickname
Meet Ed Currie, the man behind the world's hottest chili pepper
Frances Bean, daughter of Kurt Cobain, marries Riley Hawk, son of Tony Hawk
Looking for cheap Christmas decorations? Here's the best time to buy holiday decor.
'Squid Game' without subtitles? Duolingo, Netflix encourage fans to learn Korean
California Gov. Newsom has rare friendly exchange with China’s senior diplomat Wang Yi
Japan’s top court to rule on law that requires reproductive organ removal for official gender change
Richard Roundtree, 'Shaft' action hero and 'Roots' star, dies at 81 from pancreatic cancer