Thomas & Betts Consolidates and Relocates Corporate Headquarters
With assistance from EDGE through the Payment In Lieu of Tax (PILOT) program, Thomas & Betts, a member of the ABB Group, was awarded a fifteen-year Expansion PILOT that will enable the company to consolidate its corporate research and development operations from out-of-state into a new Memphis-based corporate headquarters location.
With the move and expansion, Thomas & Betts will retain 523 jobs and create 75 new jobs with a weighted average annual salary of $86,788 excluding benefits. Thomas & Betts will invest $20.7 million at the new 168,578 SF headquarters located at 860 Ridge Lake Blvd.
Founded in 1898, Thomas & Betts is a global leader in the design and manufacture of connectors and components for electrical and communication markets.
Thomas & Betts joins ServiceMaster and Sedgwick on the list of large corporations that are making Memphis and Shelby County home to their corporate headquarters. With a combined capital investment of $90.2 million, these three corporations will retain and bring more than 2,553 jobs to Memphis and Shelby County.
“These are three incredible companies that are looking to continue to grow in the City of Memphis and Shelby County,” said Reid Dulberger, EDGE President and Chief Economic Development Officer for Memphis and Shelby County. “Thomas & Betts' decision to expand and invest in our community marks a terrific win for the community.”