Sylvamo Company can transfer its headquarters to Memphis

MEMPHIS, Tennessee – In Friday’s ransom note: Growing Signs The Memphis economy is on the verge of an upturn. We learned today that a new company, Sylvamo Corporation, is looking to Memphis to find its global headquarters. Cities hear this and the competition is getting fierce. Here’s why. This headquarters would create 300 jobs in the area and the average salary is $ 179,234 in salaries and bonuses.

There is more good news. The Greater Memphis Chamber notified the Memphis City Council and County Commission that other companies are also investigating the city of Bluff. In fact, 42 companies are currently considering moving here. They would create more than 9,000 new jobs with an average salary greater than $ 52,000 per year. Of course, they all want a tax break to find out which city has the cutest deal. This is where the controversial PILOTs come into play, which are cutting property taxes to attract businesses, but the Chamber wants to improve them.

Ted Townsend, the chamber’s new recruiter, told the Memphis Business Journal he wanted to focus more on high-paying industries, possibly tailored incentives for businesses owned by African Americans. For companies with low-paying jobs, there is talk of not giving incentives unless the minimum wage is $ 15, maybe $ 17 an hour. We’ll see where this all leads, but it’s good to see that we’re looking for promising prospects.

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