Toyota breaks ground in Woodstock

[Bakemono]

http://www.nyse.com/interface/jsp/NHDetail.jsp?RequestID=2&pageID=NewsHeadlines&sid= PR%2010/11%201845&isdowjones=false

Announced in June, the Woodstock plant will be managed by TMMC in Cambridge. It opens in 2008 and represents a CDN$800 million/US$650 million investment. It will have the capacity to build 100,000 units annually of the next-generation Toyota RAV4 sport utility vehicle and will employ 1,300 team members. TMMC currently employs 4,300 at its Cambridge location where it produces the Corolla, Matrix and Lexus RX330.

Mr. Watanabe discussed Canada's importance to Toyota's North American strategy. "Last year North America accounted for 30 percent of Toyota' worldwide sales and we expect this number to grow as we begin production of the RAV4 here in Woodstock," he said. "This country is a core part of our extensive commitment to manufacturing in North America." Mr. Watanabe cited three pivotal reasons for selecting Woodstock, Ontario for the investment: accessibility to world-class suppliers, an outstanding team in nearby Cambridge where Toyota has operated a plant since 1988 and the full support of Canadian national, provincial and local governments. "We love being in Canada and we look forward to a long and prosperous future in Woodstock," he added.

Cap'n