Canon Inc. a Japanese manufacturer of printer and copier machines said late Friday that I will invest 60 billion yen, the equivalent to $575 million dollars to build a brand new toner cartridge in the United States.
The new construction will start in September and start operations in December 2009.
The plant will be placed in Virginia according to a report from the Japanese newspaper Nikkei which didn't quote the sources of the information adding this will be the first investment in an overseas toner cartridge facility in 20 years.
The company said the factory would have automated assembly lines and will employ about 700 people.
Shares of Canon closed 2.46 percent up in the New York Stock Exchange settling at $51.20 on Thursday. In after hours trading shares dropped 0.93 percent to $50.73.