Toyota Motor Manufacturing Indiana Inc. has announced plans to expand its operations in Princeton, Ind., and expects to add approximately 400 new jobs by next year.
The company will invest $400 million total, with $131 million going directly to the Princeton plant to consolidate Toyota’s Highlander mid-size SUV production there. Production, which will include both hybrid and export versions of the Highlander, is expected to begin in late 2013 with annual production volume expected to increase by approximately 50,000 units at TMMI.
TMMI currently employs 4,800 associates who build the Highlander, Sequoia full-size SUV and Sienna minivan. The hiring of new manufacturing employees will coincide with facility and machinery upgrades.
“This project allows for better utilization of the Indiana plant, and will help Toyota capitalize on the improving North American and global auto market,” said Steve St. Angelo, executive vice president of Toyota Motor Engineering & Manufacturing North America Inc. “In addition to new jobs at the Indiana plant, this project will increase opportunities and jobs for our North American supply base.”
The Indiana Economic Development Corporation offered Toyota Motor Manufacturing Indiana Inc. up to $2.7 million in conditional tax credits and up to $200,000 in training grants based on the company’s job creation plans.