Toyota to build a new North American headquarters in Texas

Toyota Motor Sales USA headquaters in Torrance, Calif

Building will be completed in late 2016 or early 2017

Following rumors this weekend, Toyota has officially announced plans to establish a new North American headquarters in Plano, Texas.

While Toyota has called Torrance, California home for nearly 60 years, the company says the move is "designed to better serve customers and position Toyota for sustainable, long-term growth."

As a result of the move, Toyota's three separate North American headquarters - for manufacturing, sales / marketing, and corporate operations - will be relocated to a single "state-of-the-art campus" in the Lone Star state. The company will also expand the Toyota Technical Center in Michigan to accommodate employees from Erlanger, Kentucky.

The moves will affect approximately 4,000 employees and "small groups" will begin being relocated this summer. However, a majority of employees will stay put until the company's new campus in completed in late 2016 or early 2017.

In a statement, Toyota North America CEO Jim Lentz said “With our major North American business affiliates and leaders together in one location for the first time, we will be better equipped to speed decision making, share best practices, and leverage the combined strength of our employees. This, in turn, will strengthen our ability to put customers first and to continue making great products that exceed their expectations." He added, "This is the most significant change we’ve made to our North American operations in the past 50 years, and we are excited for what the future holds.”

While California will feel the brunt of the reorganization, the company announced a "$10 million philanthropic commitment to provide continued funding for local non-profits and community organizations" in California and Kentucky over a five-year period beginning in 2017.

Check out the press release for additional information