Toyota investing more than $400 million in Cambridge & Woodstock

Press conference slated for July 31, including participation with federal and provincial governments

Woodstock assembly line has been producing RAV4 since 2008 

By Mark Schadenberg

I'm writing this before the July 31^st press conference (9 a.m.) in Cambridge, which is set to announce a massive investment by upper tiers of government in both the Toyota manufacturing facilities in Cambridge and Woodstock.

The Woodstock plant, which has built the RAV4 SUV since 2008, will receive an expansion to manufacture a metal stamping line, to increase the productivity at the Woodstock facility.

2015 RAV4

The Waterloo Region Record newspaper online summed up which cabinet ministers will be present to elaborate on the news on how this approximately $420 million investment from Ottawa (On the eve of an election call, which was already known to be Oct. 19 visit to the polls anyway), Queen's Park and Toyota itself.

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Cambridge and North Dumfries MP Gary Goodyear is making the announcement on behalf of James Moore, the federal industry minister. Brad Dugid, the Ontario Minister of Economic Development, is making the announcement on behalf of the province.

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The re-tooling in Cambridge is projected to be an increase in production of the high-end Lexus models. The Toyota Corolla name – it was announced earlier this year – will gradually be shifting production to Mexico over a 4-year span.

Toyota, which employs about 8,000 between the two facilities, will also be creating a new

According to an online piece in the Toronto Star, the province will contribute $42 million (Described in various press wire stories as a 'grant'), while the federal government is to provide a $58 million loan. Toyota's total investment in both Cambridge and Woodstock will be in the range of $400 million.

Media reports note that this announcement was imminent but pushed forward by two weeks to start projects sooner.

While the Toyota announcement for a plant in Woodstock arrived on June 30, 2005, and the production began in 2008 (Nov. 3 was first official car off the line). The Cambridge history goes back to Dec. 12, 1985 for a press conference announcing a plant and a ground-breaking ceremony on May 6, 1986

LINKS:

www.toyota.ca

www.tmmc.ca

http://www.thestar.com/news/canada/2015/07/30/ottawa-queens-park-to-announce-toyota-investments.html

http://www.theglobeandmail.com/news/national/ottawa-insisted-on-moving-up-toyota-funding-announcement-source/article25776732/

http://www.therecord.com/news-story/5768779-multimillion-funding-announcement-expected-for-toyota-lexus-production/

http://kitchener.ctvnews.ca/major-funding-announcement-for-toyota-plants-in-cambridge-woodstock-1.2495559

RAV4 SUV Review:

https://www.youtube.com/watch?v=jVbIw-id8Eo

OLD STORIES PROVIDE BACKGROUND:

http://www.tmmc.ca/en/news-17-06-2015.html
http://www.theglobeandmail.com/report-on-business/international-business/toyota-moves-corolla-to-mexico-highlighting-high-costs-in-canada/article23963034/

http://www.tmmc.ca/en/west-plant-woodstock.html

Mark Schadenberg, Sales Representative

Senior Real Estate Specialist (SRES designation)

Royal LePage Triland Realty

757 Dundas St, Woodstock

www.wesellwoodstock.com

(519) 537-1553, cell or text

Email: mschadenberg@rogers.com

Twitter: markroyallepage

Facebook: Mark Schadenberg, Royal LePage Triland

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