Memphis-based Thomas & Betts has been awarded a 15-year PILOT (payment-in-lieu-of-taxes) to relocate its corporate headquarters from Southwind to the Ridgeway Center in East Memphis and consolidate its regional research and development functions.

The tax incentives approved Wednesday, July 19, by the Economic Development Growth Engine for Memphis and Shelby County will pave the way for the low-voltage electrical components and products manufacturer to invest $20.7 million into its new facility at 860 Ridge Lake Blvd. That is the home of ServiceMaster Global Holdings, which is 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 Services, the latter of which plans to occupy Thomas & Betts' current office location at 8155 T&B Blvd. in Southwind.

“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, which was acquired in 2012 by ABB, a global technology conglomerate specializing in power and automation, 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.