Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Funds for Electrolux Plant May Not Meet Deadline
Mar 3, 2011
 Printable format
 Email this Article
 Search

The State of Tennessee committed $97 million to appliance maker Electrolux to convince it to build a new cooking plant in Memphis, but may not be able to deliver the money in time.

The agreement made between the state and Electrolux and obtained by the new outlet Memphis Commercial Appeal requires "firm commitments" for the incentive money by Jan. 31, 2011 – commitments that the state has not been able to make. The news outlet also obtained a copy of a Feb. 23, 2011 letter from Electrolux Project Director and Controller Jacob Burroughs, giving the state until May 1 to get the legislative approvals for the money and June 1 for making the funds available.

Otherwise, Burroughs wrote, Electrolux may terminate the agreement. "Electrolux is not in a position to continue to delay the substantive work on the project," he wrote.

But in an AP report, Tennessee Lt. Gov. and Speaker of the Senate Ron Ramsey said getting the bulk of the cash to Electrolux by June was "practically impossible."

Electrolux plans to close its cooking appliances plant in l'Assomption, Quebec, Canada, in 2013, contingent on a production start-up in Memphis by mid-2012.

What will happen if Electrolux doesn't get the promised incentives by June 1? The Commercial Appeal quoted John Moore, president and CEO of the Greater Memphis Chamber, who claimed that Electrolux would not only put the new plant in Mexico instead of Memphis, it would also close the existing Springfield, TN plant.

An Electrolux spokesperson said there are no plans to close the plant in Springfield.

Back to Daily News

 

Daily News

...........................................................

Oct 21, 2014: AHRI Annual Meeting Registration Remains Open

Oct 20, 2014: Electrolux 3Q Operating Income up 29%

Oct 17, 2014: Whirlpool completes purchase of majority interest in Indesit

Oct 17, 2014: Corrected: AHRI Annual Meeting Registration Remains Open

Oct 17, 2014: Walmart will moderate brick-and-mortar growth and increase capital spending on e-commerce capabilities

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014
May 2014: Appliance Magazine Market Insight: March 2014
April 2014: Appliance Magazine Market Insight: February 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows