VOL. 7 | NO. 25 | Saturday, June 14, 2014
Plastics Recycling Company Considering Memphis Relocation
By Amos Maki
A company that recycles and manufactures post-industrial plastics is considering relocating from Arkansas to Memphis.
RE-CY, or RE-CY Plastics, is considering acquiring a facility on Winchester Road to recycle and manufacture plastics, which are then used for automotive parts, decking and IKEA furniture.
The business, which has 15 employees now, currently has the ability to process around 20 million pounds of material each year and would like to increase that to 35 million pounds.
The company would buy a building at 611 Winchester Road and invest $6.7 million in the relocation and expansion, including moving some equipment from, Searcy, Ark., according to the company’s request for tax incentives from the Economic Development Growth Engine of Memphis and Shelby County.
RE-CY said the “planned expansion outlined in this application could eventually lead to a further expansion.”
The company would eventually hire 36 employees.
RE-CY said it was considering “potential other locations in the Mid-South” and the payment-in-lieu-of-taxes incentive it is seeking would “tip the scale in favor of relocating to Memphis.”
According to an EDGE staff analysis, a four-year PILOT would save the company around $443,170 in taxes while producing a local tax benefit of $758,006.