CHARLESTON, W.Va. — Hino Motors, the Japanese-based truck and diesel engine manufacturer, is set to purchase $25 million in additional equipment, in combination with the West Virginia Economic Development Authority, for its facility in Wood County
The West Virginia Economic Development Authority Board voted Thursday to approve a $25 million bond issuance for Hino, which is a subsidiary of Toyota.
The vote comes 8 months after the company announced an $8 million, 30,000 square-foot expansion of its plant located in Williamstown at the site of the old Walker Systems plant, which Hino took over in 2007.
As part of the new $25 million deal with the state, the economic development authority agreed to purchase and lease the equipment back to the company, a common practice used by the state. By leasing the equipment from the development authority, Hino avoids paying state and local taxes on the equipment.
Hino has stated that the expansion and new equipment purchases will allow the company to create 50 additional jobs at the Williamstown plant…