VOL. 132 | NO. 38 | Wednesday, February 22, 2017
Sedgwick to Occupy Thomas & Betts HQ, TNB Shopping Memphis for New Home
By Patrick Lantrip
New details are continuing to emerge after Sedgwick Claims Management Services' blockbuster announcement Monday to consolidate and expand its corporate headquarters.
Sedgwick will apply for a 15-year Expansion PILOT that will enable the company to retain 865 jobs, create 130 new jobs, and invest $33 million into their new facility, according to papers filed with the Economic Development Growth Engine for Memphis and Shelby County.
The company currently operates out of two locations – 90,000 square feet at 1100 Ridgeway Loop Blvd. and 80,000 square feet at 2620 Thousand Oaks Blvd.
City, county and state leaders join Sedgwick Claims Management Services CEO Dave North (third from right) Monday, Feb. 20, to announce Sedgwick’s expansion and consolidation of its corporate headquarters in Memphis.
(Daily News/Patrick Lantrip)
The expansion plans will consolidate the two operations into one 245,808-square-foot facility at 8155 T&B Blvd. – the current headquarters of electrical component manufacturing company Thomas & Betts Corp. in Southwind.
“There was an announcement to the employees yesterday that we are moving,” Thomas & Betts marketing communications manager Craig Edlin said.
Edlin said there is no specific date or location planned yet, but the move should happen before the end of the year.
“It is definitely going to be in the Memphis area,” he added. “They are looking right now at a few places.”
Edlin said it’s corporate office space, no manufacturing facilities that will be considered in relocating.
Memphis-based Thomas & Betts was acquired by ABB, a global technology company in power and automation, in early 2012 for $3.9 billion.
Thomas & Betts now operates as a business unit within ABB’s $10 billion Electrification Products division, which offers utilities, distribution channel partners, original equipment machine builders and electrical installers for a full range of low- and medium-voltage solutions.
According to Sedgwick’s PILOT application, they will invest $5 million in furniture, fixtures and computer equipment, and $10.4 million to renovate the soon-to-be-former Thomas & Betts facility. Sedgwick will also receive an $18.1 million Community Reinvestment Credit.
The average weighted base salary for the nearly 1,000 retained and new employees will be $68,872, excluding benefits.
“We always look to partner strategically with companies and focus on their long-term growth,” Ted Townsend, chief operating officer for the Tennessee Department of Economic and Community Development, said during Monday’s announcement. “So when a company like Sedgwick enters a cycle of growth, we want to be there each and every time to make sure that when they put capital at risk to create jobs, we’re there to serve them.”
Sedgwick, which was founded in 1969, provides technology-enabled risk and benefits solutions to its customers through 15,000 employees in 275 offices globally.
In 2014, the company was valued at more than $2.4 billion.