Toyota investing $1.33 billion in Georgetown plant
04/10/2017 10:41 AM
Toyota Motor Manufacturing, Kentucky, Inc. (TMMK) is announcing a $1.33 billion investment in an effort to make the Georgetown, Kentucky plant the first in North America to use Toyota New Global Architecture (TNGA).
Gov. Matt Bevin and TMMK president Wil James planned to announce the investment in a news conference on Monday morning.
“This investment is absolute proof the Kentucky Toyota plant is not only a leader in manufacturing under the Toyota umbrella, but throughout the world,” Bevin said. “It directly points to the hard work and dedication of the plant’s employees, as well as Toyota’s commitment to our Commonwealth. This project further distinguishes Kentucky as we work toward widespread recognition as an engineering and manufacturing hub of excellence in North America.”
According to Toyota, TNGA represents a completely new strategy to the way the company designs, engineers, and manufactures its vehicles. In news releases, Toyota said the technology will shorten the development cycle for vehicle improvements and new vehicles.
In addition to the TNGA improvements, the Kentucky Toyota plant will undergo other makeovers that will, together, modernize and streamline the production process. That includes updating equipment and construction of an all-new paint shop, according to Toyota.
“This is the largest investment in our plant’s history and it speaks directly to the quality of our people and our products, as well as the partnerships we’ve forged in the local community and across the state,” said Wil James, president, Toyota Motor Manufacturing, Kentucky, Inc. (TMMK). “This major overhaul will enable the plant to stay flexible and competitive, further cementing our presence in Kentucky.”
The Georgetown Toyota plant has an annual production capacity of 550,000 vehicles and more than 600,000 engines, making the facility Toyota’s largest plant globally.
Announced in 1986 and opened in 1988, the plant has assembled more than 11 million vehicles. It currently covers 8.1 million square feet and receives components from 350 supplier locations in the U.S., more than 100 of which are in Kentucky.
Currently, TMMK team members produce the Camry and Camry Hybrid, Avalon and Avalon Hybrid and Lexus ES 350. As well, the plant machines and assembles four-cylinder and V6 engines, axles and steering and engine components, according to a news release.
President Trump issued a statement on the plant’s decision to invest as evident in new confidence in the economy.
“Toyota’s decision to invest $1.3 billion in their Kentucky plant is further evidence that manufacturers are now confident that the economic climate has greatly improved under my administration and echoes the recent National Association of Manufacturers’ 2017 Outlook Survey showing that 93% of manufacturers are now optimistic, which is an increase of 37% from just a few months ago,” Trump said.
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