Multi-million dollar investment scheduled for Toyota
Posted Jul 30, 2015 07:05:38 PM.
This article is more than 5 years old.
We’ll find out Friday morning which way the Toyota Motor Manufacturing Corporation is steering its Ontario operations.
All signs point to a clear road ahead.
Reports say Toyota, the Federal and provincial governments will make a multi-million dollar announcement that will expand production in Woodstock and upgrade the Cambridge location to produce the next generation of vehicles.
Todays Globe and Mail reports a new stamping line will be installed at the Woodstock plant which will double productivity and capacity. As for Cambridge the money will upgrade the location to produce the next generation of Lexus vehicles.
There was concern earlier this year when the company had announced was sending its Corolla production to Mexico but would replace the local production with another vehicle.
Looking at the break down of the investment; Toyota is said to be investing 421 million dollars. The Ontario government is offering the company a 42 million dollar grant while the federal government will give them a repayable 58 million dollar loan.
8,000 people work with the Toyota Ontario group. Reports indicate highly skilled jobs will also be created.
