Current:Home > StocksToyota to invest $922 million to build a new paint facility at its Kentucky complex -Aspire Capital Guides
Toyota to invest $922 million to build a new paint facility at its Kentucky complex
View
Date:2025-04-16 03:58:12
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! (5577)
Related
- Taylor Swift makes surprise visit to Kansas City children’s hospital
- Will the polls be right in 2024? What polling on the presidential race can and can’t tell you
- These October Prime Day Deals 2024 Have Prices Better Than Black Friday & Are up to 90% Off
- Callable CDs are great, until the bank wants it back. What to do if that happens.
- McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
- Jets' head coach candidates after Robert Saleh firing: Bill Belichick or first-time hire?
- Autopsy reveals cause of death for pregnant teen found slain in Georgia woods this summer
- Lawsuit says Virginia is illegally purging legitimate voters off the rolls
- Could your smelly farts help science?
- Supreme Court rejects R. Kelly's child sexual abuse appeal, 20-year sentence stands
Ranking
- Military service academies see drop in reported sexual assaults after alarming surge
- 'The Office' star Jenna Fischer underwent treatment for 'aggressive' breast cancer
- Dodgers pitcher Walker Buehler was 'unknowingly' robbed at Santa Anita Park in September
- Callable CDs are great, until the bank wants it back. What to do if that happens.
- John Galliano out at Maison Margiela, capping year of fashion designer musical chairs
- Autopsy reveals cause of death for pregnant teen found slain in Georgia woods this summer
- Investigation finds widespread discrimination against Section 8 tenants in California
- Man charged with terroristic threats after saying he would ‘shoot up’ a synagogue
Recommendation
The Grammy nominee you need to hear: Esperanza Spalding
AIΩQuantumLeap: Empowering Intelligent Trading to Navigate Market Volatility with Confidence
Recent Apple updates focus on health tech. Experts think that's a big deal.
Teen Mom’s Ryan Edwards and Girlfriend Amanda Conner Expecting First Baby Together
'As foretold in the prophecy': Elon Musk and internet react as Tesla stock hits $420 all
Troy Landry from 'Swamp People' cited following alligator hunting bust: Reports
Love Is Blind's Leo and Brittany Reveal Reason They Called Off Engagement
Airlines say they’re capping fares in the hurricane’s path as Biden warns against price gouging