August 02, 2005 10:05
ERLANGER, Ky., Aug 02, 2005 /PRNewswire-FirstCall via COMTEX/ -- Toyota Motor Manufacturing North America (TMMNA) (NYSE: TM) announced today that it will invest an additional $50 million at its San Antonio plant currently under construction to allow for a 50,000 vehicle increase in overall production capacity.
This will bring the total investment of Toyota Motor Manufacturing, Texas (TMMTX) to $850 million and will give the plant total production capacity of 200,000 vehicles per year. TMMTX is scheduled to begin production of the Tundra full-size pick-up truck by the end of 2006.
"Toyota's announcement today that it is investing another $50 million in Texas is great news for our state," Gov. Rick Perry said. "I am particularly proud to be making this announcement on the same day that my wife, First Lady Anita Perry, and Secretary of State Roger Williams are meeting with Toyota officials in Japan as part of a trade mission there. I share Toyota's commitment to the principle of 'kaizen' (continuous improvement) and look forward to many years of continued partnership with Toyota."
"We have been extremely pleased with San Antonio and especially with the favorable business climate in Texas," said Dennis Cuneo, Senior Vice President of Toyota Motor North America and Toyota Motor Manufacturing North America. "The successful efforts of Governor Perry and the legislature to reform the state's workers' compensation system is a prime example of their commitment to supporting Texas businesses."
"This is great news for the San Antonio community," said Hidehiko "T.J." Tajima, President of Toyota Motor Manufacturing, Texas, Inc. "This is the result of the tremendous support we have received from our partners in the community, as well as strong efforts displayed by our own team members and our supplier partners. This is a proud day for Team Texas."
Toyota officials noted that this capacity increase will allow the company to respond quickly to market conditions should demand for the popular Tundra continue to grow. Making the additional investment now while the plant is under construction is more efficient than expanding after production actually begins at the facility. The increase will be accomplished through machinery and line-spacing modifications. At this point, no decision has been made to increase employment beyond the 2,000 initially announced in 2003.
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