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Thursday, 8 September 2011

Renewal of Long Beach port lease by Toyota

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LONG BEACH, Calif. -- Toyota Motor Sales USA Inc. has agreed to renew a 20-year lease of $ 240 million, with the Port of Long Beach, California
The renewal, which includes several environmental initiatives, Toyota keep its facilities in Pier B until the end of 2028. The lease is retroactive to January 1, 2009.

In 1981 Toyota became a port tenant. About 144 acres in the northern portion of the port near Pier B Street is occupied by it.

Each year the port handles between 200,000 and 300,000 Toyota, Lexus and Scion from Japan. They recently said it would not import any more Camry sedans because it planned to build all North American sold Camry here to mitigate the adverse impact of a stronger Japanese yen on its earnings.Vcommindia News

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