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SAN JOSE, Calif. (AP) – A new report says it would cost California taxpayers $2.3 billion to replace jobs lost from the closure of a factory that makes Toyota cars and trucks.
The report released Wednesday also says the layoffs that result from closing Fremont-based New United Motor Manufacturing Inc. will translate to a loss of $90 million in state and local taxes.
The report was prepared by a University of California, Berkeley, professor for a panel studying the plant’s closure. The facility employs 4,600 people and supports about 25,000 other related jobs in the state.
Toyota says it will stop production at the plant April 1. The decision came after General Motors Co. backed out as a partner in the factory.
Earlier Wednesday, Toyota announced it will spend $250 million to assist the factory’s employees.
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