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Toyota Boosts Investment in U.S. to $1 Billion

November 09, 1987|From Reuters

GEORGETOWN, Ky. — Toyota Motor Co. announced today that it will add a $300-million engine factory to the plant it is building here, pushing its investment in U.S. facilities past the $1-billion mark.

It was the latest big U.S. investment by a leading Japanese auto maker fearing protectionist barriers.

Toyota, the third-biggest auto maker in the world, has already committed $800 million to build its first wholly owned U.S. car manufacturing complex near this central Kentucky town in an effort to get around quotas that limit its exports to the rich U.S. market.

The new Kentucky investment by Toyota is expected to add about 500 jobs to the roughly 3,000 previously expected to be employed at the Georgetown complex, which is nearly complete.

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