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Toyota to Spend $420 Million into Local Plants

Friday, 31 July 2015 15:39

Equipment upgrades will be where the focus of the money is to be spent at the Woodstock and Cambridge plants

WOODSTOCK - The Provincial and Federal Governments have teamed up to help the Toyota Manufacturing Company spend 420 million dollars back into its local operations.

 The move comes as good news for employees of the Woodstock and Cambridge plants as it will help sustain the 8,000 employees at the two plants.  With rumours swirling Prime Minister Stephen Harper is ready to call an election on Sunday the announcement was bumped up to today compared to the original release date of next week.  Nearly 60 of the $420 million is coming as a loan from the federal government, while Ontario is contributing $42 million. 

With the announcement of the Corrolla leaving the Cambridge based plant and headed for Mexico in 2019, it also is letting employees breathe a sigh of relief.  The money being spent will be used for new equipment and upgrades in the two plants located 40 minutes apart.  This announcement is set to give a boost in local plants that create parts for the various vehicles Toyota produces and they could see an increase in work with 25 new jobs to be created from this investment. 

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