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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Jerome who wrote (1048)	4/28/2014 1:22:12 PM
From: Kirk ©	1 Recommendation Recommended By Investor Clouseau Read Replies (1) \| Respond to of 26631

Toyota to move jobs and marketing headquarters from Torrance (CA) to Texas Toyota's move to suburban Dallas would put management of Toyota's U.S. business close to where it builds most cars for the American market. By Jerry Hirsch and David Undercoffler April 27, 2014, 6:40 p.m. Toyota Motor Corp. plans to move large numbers of jobs from its sales and marketing headquarters in Torrance (CA) to suburban Dallas (Texas), according to a person familiar with the automaker's plans. The move, creating a new North American headquarters, would put management of Toyota's U.S. business close to where it builds most cars for this market. North American Chief Executive Jim Lentz is expected to brief employees Monday, said the person, who was not authorized to speak publicly. Toyota declined to detail its plans. About 5,300 people work at Toyota's Torrance complex. It is unclear how many workers will be asked to move to Texas. The move is expected to take several years. Toyota has long been a Southern California fixture. Its first U.S. office opened in a closed Rambler dealership in Hollywood in 1957. The site is now a Toyota dealership. In 1958, its first year of sales, Toyota sold just 288 vehicles — 287 Toyopet Crown sedans and one Land Cruiser. Last year, Toyota sold more than 2.2 million vehicles in the U.S. The U.S. branch picked Los Angeles for its first headquarters because of proximity to the port complex — where it imported cars — and easy airline access to Tokyo. As Toyota grew, it opened its national sales and marketing headquarters in Torrance in 1982. The complex, built where its parts distribution warehouse was once located, now has 2 million square feet of office space. But today, about 75% of the Toyota branded vehicles sold in the U.S. are built in America — many of them at plants in Texas, Mississippi and Kentucky. The automaker won't be the first big company Texas has poached from California. Occidental Petroleum Corp. said in February that it was relocating from Los Angeles to Houston, making it one of around 60 companies that have moved to Texas since July 2012, according to Texas Gov. Rick Perry. Perry last month visited California to recruit companies. The group Americans for Economic Freedom also recently launched a $300,000 advertising campaign in which Perry contends 50 California companies have plans to expand or relocate in Texas because it offers a better business climate. Like these other companies, Toyota could also save money in an environment of lower business taxes, real estate prices and cost of living. Frank Scotto, Torrance's mayor, said he had no warning of Toyota's decision. He said he did know that the automaker planned a corporate announcement for Monday. "When any major corporation is courted by another state, it's very difficult to combat that," Scotto said. "We don't have the tools we need to keep major corporations here." The mayor said businesses bear higher costs in California for workers' compensation and liability insurance, among other expenses. "A company can easily see where it would benefit by relocating someplace else," Scotto said. latimes.com