The state-of-the-art, transformer manufacturing plant just opened six years ago, after the company received tens of million of dollars in tax incentives to do business in the Bluff City. Mitsubishi Electric was awarded a $34 million PILOT, Payment in Lieu of Taxes, in 2011. Basically, they cut a deal to get a break on property taxes for 15 years. The state of Tennessee came up with an additional $11 million infrastructure grant.
Mitsubishi Electric to lay off employees, sell factory in Memphis
