FRANKFORT, Ky. (AP) — Toyota Motor Manufacturing Kentucky is in the running to produce an unspecified new vehicle model and add 570 permanent full-time workers at its Georgetown plant, according to details the carmaker provided to state officials to qualify for tax incentives.
The Kentucky Economic Development Finance Authority approved $146.5 million in state tax incentives on Wednesday to help with the cost of the proposed $531 million expansion.
“Securing this significant investment at Toyota Motor Manufacturing Kentucky would be a huge economic development victory,” said Mandy Lambert, spokeswoman for the Kentucky Economic Development Cabinet. “It would not only bring new jobs and capital investment to the state, but would greatly enhance Kentucky’s already strong reputation as a leader in the auto industry.”
Toyota scheduled a press conference at the Georgetown plant Friday morning. The company didn’t indicate what was going to be addressed.
Kerri Richardson, spokeswoman for Gov. Steve Beshear, said the governor was unavailable Thursday morning.
The Georgetown plant, which already has 6,100 full-time workers, is competing with other Toyota factories for the opportunity to build the new model.
Toyota produces the Camry, Camry Hybrid, Avalon and Venza as well as engines and other vehicle components at the Georgetown plant. The tax incentives would kick in when employment at the plant reaches 6,739.
Rick Hesterberg, spokesman for Toyota Engineering and Manufacturing in Georgetown, declined to provide details about the proposed expansion.
Government paperwork detailing the incentives says Toyota is considering an expansion that would produce “an additional 50,000 units” per year. The project would involve expanding and modifying existing buildings and would require replacement and refurbishment of equipment. The paperwork says the expansion would generate a total of 750 jobs, including contractor workers, and that average compensation for the new jobs would be $26 an hour.
Kentucky is home to nearly 450 motor vehicle-related facilities, employing nearly 80,000 people.
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