Image: Tennessee Comptroller Jason Mumpower, second from left, talks during the Funding Board meeting on Monday, March 25, 2024. Image Credit: Tennessee Funding Board
The Center Square [By Jon Styf] –
The Tennessee State Funding Board approved $10.3 million in incentives for seven companies at its Monday afternoon meeting.
The largest was $3.4 million to Schneider Electric for spending $85 million on a new facility on Maddox Road in Wilson County and to expand its Rutherford County location.
Tennessee’s Department of Economic and Community Development now has $54.5 million left in uncommitted FastTrack funds with $548.2 million committed to projects.
Schneider plans 100 net new jobs at an average hourly wage of $24.52 in Smyrna and 355 net new jobs at an average $26.01 hourly in Mount Juliet.
Shoals Technologies Group will receive nearly $2.5 million. It plans an outlay of $80 million over five years to expand its existing manufacturing and distribution operations to a new, larger location in Portland with a commitment of 551 net new jobs with an average $36.15 hourly wage.
The state is sending $1.6 million to Nokian Tyres in Dayton, $1.3 million to Bridgetown Natural Foods in Mount Juliet, $900,000 to AYM Inc. and $520,000 to A.O. Smith Corp. for its new expansion in Cheatham County.
Nokian Tyres committed to 175 net new jobs with an average $20.23 hourly wage.
Bridgetown Natural Foods has committed to hiring 219 net new jobs within five years with an average hourly wage of $22.13.
AYM committed to 96 net new jobs at an average $19.62 hourly wage. A.O. Smith committeed to 130 net new jobs at an average $23.98 hourly wage.
About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.