Big local investment in Toyota

A big government investment in Toyota Canada’s two assembly plants in Ontario was announced in Cambridge Tuesday morning.

Toyota, along with both Ottawa and Queens Park, announced more than $500 million will be invested over the next two years for upgrades, training, new machinery and equipment at the Toyota plants in Cambridge and Woodstock.

The Ontario and federal governments will provide up to $141 million in grants and loans for the project.

Company chairman Ray Tanguay said the project still needs approval from parent company Toyota in Japan.

This announcement comes as Toyota struggles to get plants back to full speed after the March earthquake and tsunami disrupted operations.

Video: Lisa Knap reports: