VOL. 132 | NO. 143 | Thursday, July 20, 2017
T&B Granted 15-Year PILOT to Relocated Corporate HQ
By Patrick Lantrip
Low voltage electrical and commutations products manufacturer, Thomas and Betts has been awarded a 15-year PILOT (payment-in-lieu-of-taxes) to relocated its corporate headquarters and consolidate its regional research and development functions.
The tax incentives will pave the way for Thomas & Betts to invest $20.7 million into its new facility at 860 Ridge Lake Blvd. – the former home of ServiceMaster, which announced it was relocating its corporate headquarters to the former Peabody Place Mall in Downtown Memphis.
“Thomas & Betts represents the third piece of securing three corporate headquarters in Memphis and Shelby County,” Trey McKnight, an economic development specialist for EDGE said of the musical chairs-like reshuffling of corporate headquarters involving Thomas & Betts, ServiceMaster and Sedgwick Claims Management, the latter of which plans on occupying Thomas & Betts current 8155 T&B Blvd. location.
“These three projects saved over 2,500 jobs and invested more than $92 million in Memphis and Shelby County,” McKnight said.
According to Thomas & Betts’ PILOT application, the plan will allow the company to retain 523 jobs and create 75 net new jobs with an average salary of $86,788.
Officials with EDGE estimate that the expansion project will generate $45 million in local tax revenues during the term of the PILOT, while resulting in a $3.1 million benefit to Thomas & Betts.
Additionally, Thomas & Betts is required to spend at least $2.3 million with Memphis and Shelby County certified minority and women business enterprises (MWBEs).
Thomas & Betts was acquired by ABB, a global technology company specializing in power and automation, in 2012. The Memphis-based company now operates as a division of ABB's $10 billion Electrification Products division.
News of the company’s relocation plans were first reported by The Daily News June 30, after the manufacturing company informed its employees of the move.