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Toyota Motor Corporation (TM) - free report >>
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Toyota Motor Corporation (TM) - free report >>
Allison Transmission Holdings, Inc. (ALSN) - free report >>
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Toyota's Kentucky Facility Closure to Affect 650 Workers
Toyota Motor Corporation (TM - Free Report) announced that by the end of 2017 it will be closing its operations in the Erlanger, KY facility. The closure is likely to affect around 650 workers in the Northern-Kentucky based facility.
The Erlanger, KY facility was once the North American manufacturing headquarters of Toyota with more than 2,000 workers. With Toyota shifting production to Plano, TX, the 648 workers currently working at the Kentucky facility will either be terminated or relocated.
Toyota’s closure of the Kentucky facility is in line with its reorganizing and relocating of business operations. However the closure can adversely affect the socio economic condition of Cincinnati suburb.
Toyota has many suppliers in the region, including ADVICS Manufacturing Ohio in Lebanon. However, this closure is unlikely to affect the suppliers of the automaker.
TOYOTA MOTOR CP Price
TOYOTA MOTOR CP Price | TOYOTA MOTOR CP Quote
Price Performance
Toyota has underperformed the Zacks categorized Auto-Tires-Truck industry so far this year. The company’s shares have lost 0.96%, compared to a 2.88% rise recorded by the industry. The dip in share price is due to a decline in fiscal 2017 earnings, operating income and revenues guidance. Settlement of a U.S. truck lawsuit, string of product recalls and declining sales outside Japan are adversely affecting the share price of Toyota.
Zacks Rank & Other Key Picks
Toyota currently carries a Zacks Rank #3 (Hold).
Other favorably ranked companies in the auto space include Allison Transmission Holdings, Inc. (ALSN - Free Report) , America's Car-Mart Inc. (CRMT - Free Report) and Rush Enterprises, Inc. (RUSHA - Free Report) .
All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Allison Transmission has a long-term growth rate of 11%.
America's Car-Mart has a long-term growth rate of 45.50%.
Rush Enterprises has a long-term expected growth rate of 15%.
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