Mitsubishi To Earn $34 Million Tax Incentive For Building Plant

MEMPHIS, Tenn. (AP) — Documents show Mitsubishi Electric will receive a $34 million tax incentive for building a $200 million high-voltage power transformer factory and creating 281 jobs in Memphis.

Memphis-area officials and Mitsubishi Electric Power Products executives announced plans Monday to build the plant along 100 acres at an industrial park near the Mississippi River. It's expected to open in 2013.

A cost analysis by the Memphis and Shelby County Office of Economic Development shows the new jobs will have an average wage of $49,790.

Several large companies, including Swedish electric appliance maker Electrolux and rice producer Riviana Foods, have announced plans to build new facilities or expand existing operations in Memphis in the past few months.