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ABB Installation Products Inc

Project Number: 20170701
Pilot Type: Expansion
Parcel ID: 080023A00040C
County Commission District: 13 | City Council District: 02

Summary

ABB Installation Products, Inc. (formerly, Thomas & Betts, a member of the ABB Group), was awarded a fifteen-year Expansion PILOT that will enable the company to consolidate their corporate research and development operations from out of state into a new corporate headquarters location.

With the move and expansion, ABB will retain 523 jobs and create 75 new jobs with a weighted average base salary of $86,788 excluding benefits. ABB will invest $20.7 million at the new 168,578 SF headquarters located at 860 Ridge Lake Blvd.

Founded in 1898, ABB Installation Products is a global leader in the design and manufacture of connectors and components for electrical and communication markets.

PILOT Term:

15

Projected New Jobs:

75

Projected Retained Jobs:

523

Total Jobs:

598

Projected Average Payroll of New Jobs:

$86,788

Projected Average Payroll of Retained Jobs:

$86,788

Annual New Direct/Indirect Payroll:

$6,012,469

Annual Retained Direct/Indirect Payroll:

$58,861,543

Total Capital Investment:

$20,750,000
Real Property Investment:
$7,500,000

Personal Property Investment:
$13,250,000

Community Reinvestment Credit (CRC):
Not applicable

Capital Investment not in PILOT:
Not applicable

Projected Tax Revenue:

$44,886,156

Projected Taxes Abated:

$3,142,572
City: $1,373,304 (75%)
County: $1,769,268 (75%)

Benefit/Cost Ratio:

14.28

Projected MWBE/LOSB Spending:

$2,346,386

Incentive Provided:

$3,142,573

Compliance Information

Not applicable

Approved

7/19/2017

Ramp up Period

2

Closing

Not applicable

Effective

Not applicable

Lease Begins

Not applicable

Lease Expires

Not applicable

Amended

Not applicable

Property Details

Lease Began

Not applicable

Lease Expires

Not applicable

ABB Installation Products Inc

860 Ridge Lake Boulevard, Memphis, TN 38120