Kentucky offers Toyota tax incentives of $146.5 million to expand its plant in Georgetown, its largest facility in North America.
Yesterday, April 17th, the Kentucky Economic Development Finance Authority approved the tax incentives so that Toyota will expand its Georgetown plant by 2015 and add a new model here. In order to get the full value of the credits the automaker will have to invest $531.2 million in the plant and add 570 new jobs.
“Securing this significant investment in Georgetown, Kentucky would be a huge economic development victory,” Mandy Lambert, a spokeswoman for the Kentucky agency, said in a separate e-mail.
Mike Goss, a spokesman for Toyota’s North American manufacturing unit, said that the automaker has not yet decided to expand the facility and that it will make a production announcement tomorrow, April 19th, in New York. Toyota announced previously that it plans to increase capacity at this plant by 50,000 units per year beginning with 2015.
The plant in Georgetown was opened in 1988 and is currently the main production site for Toyota’s Camry sedans, the best-selling model in the US for more than a decade. The company invested until now $6 billion in the plant which has 6,600 employees and manufactures more than 500,000 vehicles and 600,000 engines per year.