Toyota Motor Manufacturing Kentucky will invest $31.9 million on increasing production of its 4-cylinder engines by 100,000 per year at its Georgetown, Kentucky plant, creating 86 new jobs.
"This engine production increase and the several announcements before it reflect our growing optimism for an improving North American market," said Steve St. Angelo, executive vice president of Toyota Motor Engineering and Manufacturing North America.
The Georgetown plant at 1001 Cherry Blossom Way in Georgetown currently assembles engines for the Avalon, Camry, and Venza models, built in North America. The added engine production will supply engines for those models as well as RAV4 production in Canada. The increase in production will raise the manufacturing complex's total employment to approximately 6,700 workers and overall plant investment to more than $5.96 billion.
As an incentive to encourage Toyota's investment and job growth in Georgetown, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $6.5 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
"Twenty-six years ago, I took part in Toyota's groundbreaking in Georgetown, which was filled with excitement for Kentucky's future," Gov. Steve Beshear said. "Today, we still have that same excitement especially with this latest expansion that brings Toyota's total investment to nearly $6 billion. This overall investment continues to impact thousands of Kentuckians, while strengthening our economy and improving the Commonwealth."
"In the time since the first Camry rolled off the assembly line, Toyota has helped forge the path for Kentucky to become a major manufacturer in the automotive and automotive component industry," said Rep. Ryan Quarles, of Georgetown. "Today's announcement further cements Georgetown and Scott County as a hub for Toyota and the auto world, which is made possible not only by such an outstanding company like Toyota, but also the thousands of employees who work at the Georgetown plant."
"Anytime Toyota makes a move like this, it benefits Georgetown and Central Kentucky," said Georgetown Mayor Everette Varney. "This expansion is a sign the economy is headed in a positive direction, and Georgetown looks forward to increasing our opportunities to work with Toyota."