RE-CY Plastics has been awarded a four-year PILOT incentive that is likely to be the final piece in its plans to move its plastics recycling and manufacturing operations from Searcy, Ark., to Memphis, creating 36 new jobs over the next two years. The
Economic Development Growth Engine of Memphis and Shelby County (EDGE) recently granted the company $443,170 in tax breaks that will result in a local tax benefit of more than $750,000.
"We are excited about the potential for RE-CY to move its operations to Memphis and Shelby County," says Trey Heath, EDGE Director of Marketing and Communications. "The company has great potential to continue to grow for years to come, and it is great news that this company chose to locate that growth in Memphis and Shelby County."
RE-CY plans to acquire a 233,000-square-foot industrial building on 20-plus acres at 611 Winchester Road for approximately $1.3 million, where it would recycle and manufacture plastics to be used for automotive parts, decking and IKEA furniture.
"RE-CY is choosing to invest $8 million in a long-vacant building and create at least 36 new jobs in the next two years," Heath says. "We are also very pleased that RE-CY committed to invest at least $1.2 million with minority and locally owned businesses."
RE-CY hopes to increase its current rate of 20 million pounds of recycled goods each year to more than 35 million pounds, and the company will subsequently grow its current staff of 15 employees.
By Michael Waddell
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.