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March 11, 2019 9:30 AM, EDT

Tennessee Panel OKs $10 Million for FedEx Project in Memphis

Gibson Guitar factory The former Gibson Guitar factory in Memphis. (Adrian Sainz/AP)

NASHVILLE, Tenn. — A Tennessee panel has approved a $10 million economic development grant to establish the FedEx Logistics headquarters in downtown Memphis.

FedEx Logistics was one of five economic development deals that received the State Funding Board’s approval on March 8.

State economic development commissioner Bob Rolfe said FedEx Logistics has committed to invest $44 million and create 689 jobs earning $56 hourly on average. The $10 million state grant will help retrofit its building, the former Gibson Guitar factory.

Other incentives approved include: $1.2 million for trucking company JNJ Express in Memphis, $3 million for Brazilian tile maker Portobello America Inc. in Baxter, $6.5 million for Belgian bus and industrial vehicle manufacturer Van Hool TN Manufacturing in Morristown and $28,000 for Swedish aluminum engineering firm Granges Americas Inc. in Huntingdon.

FedEx Corp. ranks No. 2 on the Transport Topics Top 100 list of the largest for-hire carriers in North America. — Associated Press