Toyota Relocates North American Headquaters to Plano, Receives Substantial Grant from Texas Enterprise Fund
Governor Rick Perry greeted Toyota to Texas at a block party today as the multifaceted business begins the process of relocating their North American headquarters to Plano, Texas.
Perry said the relocation could have a ripple effect of job creation throughout the state at the Monday, October 27, event.
There's a lot to love about today as we proudly welcome Toyota’s North American headquarters to the Lone Star State," The Governor said. "Toyota recognized our efforts to make our economic climate even more jobs-friendly. Every job that’s created in Texas has a ripple effect, creating new opportunities for Texans and their families not just with jobs here, but with new jobs that arise as a result of Toyota’s arrival.”
In a press release dated April 28, 2014, Toyota Financial Services announced relocation plans to, “better serve customers and position Toyota for sustainable, long-term growth.”
According to the group, Toyota will join the headquarters of Toyota Motor Sales, U.S.A., Inc.; Toyota Motor Engineering & Manufacturing North America, Inc.; and Toyota Motor North America into a single, “state-of-the-art Toyota headquarters and pursue the One Toyota vision in North America.”
Governor Perry’s office estimated the new facility could bring nearly 4,000 jobs and $300 million in capital investments to North Texas.
The Texas Enterprise Fund, created in 2003, will award Toyota $40 million to assist in the transfer. This is one of the largest payouts from the TEF to date, which is itself a program that garners some negative attention as some say there is little evidence the money is used effectively and detracts from other programs.
Toyota expects their new headquarters to be completed in late 2016 or early 2017.