Toyota Australia has unveiled plan to invest $123m in its facilities in the country, following the $180m support package announced by the Australian government for automotive industry.
Of the total investment, the automotive firm will spend $108m on the Altona investment and $15m on the supplier development programme.
Besides the company's investment, the Federal Government of Australia has provided a fund of $23.6m and the Victorian Government has offered an undisclosed grant.
To boost the company's $15m supplier development programme, the Federal Government will offer a $5m grant in addition to the $23.6m.
Toyota Australia president and CEO Max Yasuda said this investment in local manufacturing is a part of their five year company-wide transformation programme.
"The investment ensures that Toyota Australia continues to build high quality vehicles for our local and overseas customers," Yasuda added.
"This program will see a dedicated team of engineers working with local suppliers to assist them to improve productivity, diversify their business operations and improve their global competitiveness.
"This program will help strengthen Australia's supplier base through the application and sharing of Toyota Production System principles and best practice manufacturing techniques."
Image: Toyota to invest $123m to boost local manufacturing operations in Australia. Photo courtesy: Toyota Motor Corporation Australia Limited ABN
