World News

Toyota completes $1.3 billion modernization project at Indiana facility

(Reuters) – Toyota Motor Corp <7203.T> said on Friday it had invested an additional $700 million and added 150 new jobs to complete a $1.3 billion modernization program at its Princeton, Indiana factory.

The investment is part of a broader commitment from Japan’s biggest automaker to invest $13 billion in its U.S. operations over five years through 2021.

Including the $1.3 billion investment at the Toyota Motor Manufacturing Indiana (TMMI) plant, the company has so far spent about $7.1 billion of the total amount, Toyota said.

The refurbished TMMI plant, which has added 550 new jobs so far, will help Toyota meet strong demand for the Highlander, its new mid-size SUV.

The plant has over 7,000 employees and has the capacity to assemble more than 420,000 vehicles annually, the company said.

(Reporting by Dominic Roshan K. L. in Bengaluru; Editing by Amy Caren Daniel)