Toyota Motor Manufacturing Plans $700 Million Expansion at Princeton, Indiana Plant
The expansion news comes three years after TMMI announced plans to invest $600 million to meet the strong and growing market for the Highlander midsize SUV and modernize TMMI's entire 4 million-square-foot plant, adding up to 400 new jobs in Princeton.
The investment will support retooling, new equipment installation and advanced manufacturing technologies to further modernize the facility and meet consumer demand for the all-new 2020 Toyota Highlander. Since 1996, TMMI has invested more than $5 billion in its Princeton plant, which has the capacity to assemble more than 383,000 vehicles annually.
TMMI employs approximately 7,000 Hoosiers in southwest Indiana and supports approximately 80 suppliers across Indiana. According to Toyota's economic impact calculations, TMMI's presence in Indiana has led to the creation of 24,058 Hoosier jobs over the last 20 years. TMMI has already begun filling production jobs.
“Part of Toyota’s tremendous success in North America is building vehicles where we sell them,” said Christopher Reynolds, chief administration officer, manufacturing and corporate resources for Toyota Motor North America. “Our $1.3 billion investment at TMMI is further proof that our Hoosier workforce is rededicated to producing safer, high-quality vehicles our customers love to drive.”
As an incentive, Indiana Economic Development Corporation offered Toyota Motor Manufacturing Indiana $6 million in conditional tax credits based on its plans to create up to 550 total jobs in Princeton. These incentives are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.
Last year, the Indiana plant produced more than 362,000 units of the Toyota Highlander, Highlander Hybrid, Sienna and Sequoia. This marks the company's fifth significant expansion in recent years. In addition to its 2017 announcement, TMMI consolidated all Highlander production to Indiana in 2012, added production of the Highlander Hybrid model in 2013, and announced plans to increase production of the Highlander by 30,000 vehicles per year in 2014.
"Hoosier manufacturers are driving our economy forward, building the products that power our world every day," said Governor Eric J. Holcomb. "For more than 20 years, Toyota has been providing quality career opportunities and helping train Indiana's future workforce. I am so grateful that Toyota remains committed to Indiana, and am thankful for all they are doing to continue making Indiana the best place to live, work and play.”
French-Based Advanced Accelerator Applications Plans Cancer Drug Production Campus in Indianapolis, Indiana
2019 Leading Metro Locations: Pacific and South-Atlantic Metros Dominate the List
Finding Talent in a Time of Economic Change
Mid-size Markets Competing for Business and Winning
Hitting the Reset Button: How to Pivot the Perception of Economic Development
Innovation in America Reaches New Heights
A Site Selector’s Checklist for Locating in the U.S.
Location USA 2019