To meet increased demand, Toyota (NYSE:TM) will invest a combined $102 million in three U.S. six-speed automatic transmission assembly plants, creating "more than 100 jobs to meet growing North American demand," the company recently announced.
Toyota Motor Manufacturing West Virginia, or TMMWV, will receive the bulk of Toyota's investment -- $90 million and approximately 80 of the 100-plus new jobs forecasted -- to help increase transmission production by 20,000 per month by 2015, Toyota said. The increase in production will boost capacity to 740,000 transmission units by 2015 in the Buffalo, W.Va., Troy, Mo., and Jackson, Tenn., facilities.
Toyota's Bodine Aluminum plant in Missouri will benefit from an $11 million investment to help boost production, with the additional $1 million for its transmission casing and housing production facility in Tennessee, according to Toyota's statement.
"This latest investment helps us better serve our North American customers and prepares us for an even brighter future," said Millie Marshall, TMMWV senior vice president of manufacturing and administration.