Mitsubishi Electric exploring buyout of its Memphis plant
MEMPHIS, Tenn. (AP) — Mitsubishi Electric say it is talking with a potential buyer for its Memphis plant.
Mitsubishi Electric general manager Joe Durante tells The Commercial Appeal the company expects the third-party prospective buyer would hire at least some current Memphis workers. He said the possible buyer has a U.S. presence, but declined to identify it.
The facility opened in 2013, creating buzz as a high-tech game changer for manufacturing in Memphis. The 212-employee plant opened with more than $45 million in state and local tax incentives, and included the company’s head office for its U.S. transformer business.
Durante declined to disclose current Memphis employment totals.
Durante said the Japanese company came across the possible buyer while exploring ways to increase Memphis sales through a joint venture, technology sharing or a sale.
Information from: The Commercial Appeal, http://www.commercialappeal.com