North Memphis chemical manufacturing company, Penn A Kem is planning to add 28 new jobs and invest $38,545,000 at its 3324 Chelsea Avenue location with help from EDGE. The 28 employees will make $73,740 annually, not including benefits.
This project will be a boon for the Douglas community, a severely distressed New Market Tax Credit eligible Census Tract with a poverty rate of 42.9% and an unemployment rate of 11.6%. Penn A Kem is active in the Douglas community through charitable activities with Douglas High and Elementary Schools, the Douglas Community Center and community celebrations.
The project will generate $5,102,174 in local tax revenues and the company has committed to spending more than $695,000 with MWBEs.
Penn A Kem provides full service-manufacturing, pilot facilities, R&D, and worldwide sales and marketing, all focusing on renewable chemistry while developing new and innovative products and processes for customers.