MEMPHIS, Tenn. — Area leaders are hoping tax incentives will help lure a new paper company to locate its headquarters in Memphis.
Sylvamo Corporation will soon be spun off from Memphis-based International Paper into an independent, publicly traded company.
The Economic Development Growth Engine board said it approved a 15-year payment in lieu of tax incentive for the company, though it has not selected a location for its headquarters and has not provided details for its PILOT application.
EDGE said if Memphis is selected for the global headquarters, Sylvamo has a year to identify an office site and provide all the necessary final information to EDGE.
The board said Sylvamo will have 300 employees with an average salary of $179,235 excluding benefits. At its launch, EDGE said Sylvamo will have $3.3 billion in annual sales with recognized brands like Hammermill and seven paper mills and locations around the globe.