Toyota Plans $30-Million Expansion in Georgetown, KY
The plant expansion to allow 100,000 more four-cylinder engines to be produced annually was announced Tuesday morning in a press conference with Governor Steve Beshear. With completion targeted for August of next year, the expansion will bring total employment to approximately 6,700 and plant investment to more than $5.96 billion in the more than 25 years Toyota has been in central Kentucky.
The engines will be used for Camry and Camry Hybrids being produced in Georgetown and will also be exported to Canada for use in RAV4s being manufactured in Woodstock, Ontario.
‚ÄúThis is great news for our team members and our company,‚ÄĚ TMMK President, Wil James, said in a release. ‚ÄúThis project is the result of the strong partnerships we have locally and across the state which will help grow our business and strengthen the communities where we do business.‚ÄĚ
The Kentucky Economic Development Finance Authority granted preliminary approval for $6.5 million in tax incentives for Toyota late last month as part of the Kentucky Business Investment Program for the project. According to the Kentucky Cabinet for Economic Development‚Äôs website, the total investment from Toyota is expected to cost $31.9 million, adding total 86 jobs at a wage of $26.60 an hour.
‚ÄúThis engine production increase, and the several announcements before it, reflect our growing optimism for an improving North American market,‚ÄĚ said Steve St. Angelo, former TMMK President and now Executive Vice President of Toyota Motor Engineering & Manufacturing North America, Inc.
The automaker recently announced a string of production increases including Toyota plants in Indiana, West Virginia and Canada.¬† Today‚Äôs announcement joins those previously announced to add approximately $565 million in investment and nearly 1,000 jobs in the areas.