» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 7 | NO. 25 | Saturday, June 14, 2014

Plastics Recycling Company Considering Memphis Relocation

By Amos Maki

Print | Front Page | Email this story | Email reporter | Comments ()

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.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 38 349 15,066
MORTGAGES 111 449 19,779
FORECLOSURE NOTICES 33 91 3,886
BUILDING PERMITS 0 512 35,842
BANKRUPTCIES 62 309 14,343
BUSINESS LICENSES 18 138 5,129
UTILITY CONNECTIONS 69 385 21,817
MARRIAGE LICENSES 13 106 4,663

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.