Jasper Mayor David O’Mary highlights the importance of relationships, citing his enduring bond with Mark Jackson, Honorary Consul General of Japan. Jackson's recent visit emphasizes the value of solidifying connections beyond business interests. Their collaboration has attracted Japanese businesses to Jasper, showcasing the benefits of strong ties. O’Mary acknowledges Jackson's proactive role in representing Japan, facilitating investment in Alabama. Jackson stresses the ongoing significance of relationships in attracting Japanese investment to the U.S.

See the article on Daily Mountain Eagle below.

DME 4-25-24_front.pdf

DME 4-25-24_A9.pdf

The Japan Times: Tokyo issues strong warning on yen intervention as currency dips further

Finance Minister Shunichi Suzuki's recent remarks suggest Tokyo may intervene in currency markets due to concerns over excessive yen depreciation. Following a meeting with U.S. and South Korean counterparts, Suzuki warned of the impact of a weak yen on import costs. The dollar's recent strength against the yen has heightened concerns, prompting discussions among the three countries. Analysts anticipate potential volatility during Japan's Golden Week holidays, prompting authorities to remain vigilant. Suzuki emphasized Japan's readiness to address currency volatility and did not rule out intervention. The yen's decline is attributed to strong U.S. economic data, raising speculation about the Federal Reserve's interest rate policy.

AL.com: 15 Birmingham students will go to Japan under global studies program

Fifteen Birmingham City Schools juniors and sophomores are set to join the inaugural International Dual Enrollment Academy (IDEA) program, led by Birmingham Sister Cities, Miles College, and Birmingham City Schools. Designed to cultivate global skills, the program includes dual enrollment coursework at Miles College, cultural activities, and a trip to Japan. Participants can earn nine college credits, a stipend of at least $500, and may attend the Sister Cities International Youth Leadership Summit in Washington, D.C. Aligned with Birmingham's commitment to exceptional education and global readiness, the program runs from May 6 to December 11, 2024.

For more information about the IDEA program, click here.

Business Alabama: Protective Life acquires New York-based insurance company

Birmingham-based Protective Life Corp., a subsidiary of Dai-ichi Life Holdings Inc., is acquiring ShelterPoint Group Inc., a New York-based holding company of ShelterPoint Life Insurance Co.

ShelterPoint is a provider of disability benefits and paid family leave insurance, which employers are required to provide under New York state law. ShelterPoint also has been actively expanding. Through its relationships with approximately 200,000 businesses, ShelterPoint currently provides insurance and income replacement products to nearly 2 million individuals across the United States.

Once closed, pending regulatory approvals and customary closing conditions, it will be the seventh deal completed since Protective became a part of Tokyo-based Dai-ichi in 2015. Dai-ichi has more than $463 billion in total assets as of Dec. 31, 2023 and serves customers in 10 countries, with Protective as its U.S.-based subsidiary.

Alabama leads the nation in car exports, topping $11 billion in 2023

Alabama has outpaced South Carolina as the state exporting the most passenger vehicles. In the last two years, South Carolina has led the country in car exports achieving $2 billion more than Alabama in 2021 and $3 billion more in 2022. In 2023, however, Alabama pulled ahead and exported more by $1 billion for a total of $11 billion for the year. To read more about this success, visit the site linked above.

GMI POST: Toyota to headline SEUS/Japan conference in North Carolina

This year’s Southeast U.S./Japan Annual Joint Meeting will be sponsored by Toyota. This meeting is aimed at attracting more Japanese investment to the Southeastern United States. This year it will be hosted in Charlotte, North Carolina from October 27 to 29th. For more information and comments from the governor, check out the article linked above.

Made in Alabama: Report: 2023 growth projects to inject $6.4 billion into Alabama communities

Alabama Governor Kay Ivey announced over $6.4 billion in investments from companies launching or expanding operations in 2023, reinforcing the state's robust economic growth and job creation. The efforts resulted in 8,095 new jobs across 43 counties, with key sectors like automotive, metals, and information technology driving growth. Rural Alabama attracted significant investments, and foreign direct investment played a crucial role, contributing almost $3 billion and nearly 3,400 new jobs. Top global and domestic brands, such as Miele and Sierra Pacific, continue to choose Alabama for expansion. Secretary of Commerce Ellen McNair emphasizes the state's commitment to creating 21st-century jobs and developing a comprehensive economic development strategy for the future. Governor Ivey highlights the importance of innovation and technology in sustaining Alabama's economic momentum, driving the need for new strategies and bold approaches.

Click here to see the 2023 Alabama New & Expanding Industry Report.

Business Alabama: Leadership change at MTM in Madison

Mazda Toyota Manufacturing has announced a change of leadership at its plant in Madison.

Founding Plant President Masashi Aihara, who took the helm of the new plant in 2018 as part of his 40-year career with Mazda Motor Corp., is stepping aside at the end of March.

Mazda veteran Mitsunobu Mukaida will become plant president.

Mazda shares a plant with Toyota, where Mazda CX-50 and Toyota Corolla Cross are made.

“It has been a great challenge to start an automotive facility of this size from cotton fields, to where MTM is now,” Aihara said. “We received much support from the local governments, communities, suppliers, our team members and other stakeholders that has led to our success — two new lines, two shifts, producing two vehicles. My hope is to leave the same kind of positive impact on MTM and Alabama, that they have had on me and on my family over the past five years.”

Mukaida has been with Mazda 35 years, most recently as executive officer in charge of global production. He has also served as CEO and president of Mazda Powertrain Manufacturing in Thailand.

“My mission at MTM as a joint venture plant is to further realize the synergy between Toyota and Mazda through their respective strengths, and to develop it as a ‘best in town’ facility that is loved by our team members and the local community,” said Mukaida. “I will continue to work with determination to put down roots in Huntsville.”

Business Alabama: Toyota marks record for engine production

The Toyota Motor Manufacturing Alabama (TMMAL) engine plant in Huntsville assembled 770,000 engines in 2023, a record production number for the facility. The plant is a critical part of Toyota’s supply chain and has the capacity to build up to 900,000 engines per year. To keep up with production demands, TMMAL has also seen a significant bump in hiring and currently employs more than 2,000 people.

“Toyota Alabama supplies over one-third of all engines for Toyota’s North American operations,” points out Jason Puckett, president of Toyota Alabama. Puckett has overseen production and administration functions at TMMAL since 2021. Prior to that, he served as vice president of administration and manufacturing at Toyota Indiana, where his Toyota career started in 1997.

“Every line at Toyota Alabama assembles engines for both hybrid and combustion vehicles. It’s our 2,000 team members and their skills that have paved the way for this plant to play a critical role in Toyota’s electrified future,” Puckett says.

The 1.3 million-square-foot facility has four assembly lines that produce four-cylinder + HEV engines, 2.4 turbo + HEV engines and twin-turbo VS + HEV engines that can be found under the hoods of RAV4, Corolla, Corolla Cross, Highlander, Sienna, Tundra and Sequoia vehicles. It is also the only Toyota plant globally to build four-cylinder, V-6 and V-8 engines under one roof, and it is the only plant in North America that builds the Twin Turbo V-6 engine.

Made in Alabama: Toyota Alabama kicks off production on new engine line after $222 million project

HUNTSVILLE, Alabama — Toyota Alabama announced today that it has started production on its i-FORCE 2.4-liter turbo engine line at its Huntsville engine plant, culminating a $222 million investment project launched in 2022.

Toyota Alabama said the new engine line will provide powertrains for the all-new Tacoma pickup and reinforces its commitment to diversified powertrains that align with customer demand.

“The completion of the i-FORCE 2.4-liter turbo engine line marks a significant milestone for Toyota Alabama and further supports job stability for our 2,000 employees,” said Jason Puckett, president of Toyota Alabama.

“Now, with Tacoma offering a hybrid option, every line at our plant includes engines for hybrid vehicles,” he added. “It’s our team and their skills that have paved the way for this plant to play a critical role in Toyota’s efficient and electrified future.”

Ellen McNair, Secretary of the Alabama Department of Commerce, said the new engine line’s production launch is the latest in a long line of milestones for the Toyota engine plant, which opened in Huntsville in 2003.

“Toyota Alabama has an extensive track record of success, and we’re proud of the workforce in Huntsville that has helped make all of that possible,” McNair said.

“In addition, Toyota is a great community supporter and a crown jewel in Huntsville’s dynamic economy.”

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