Dayco Products, LLC, a global automotive parts manufacturer, was approved for a five-year Basic PILOT during the June EDGE Board meeting. This decision enables the creation of more than 170 new jobs and the investment of more than $11 million in Memphis and Shelby County.
The 174 new jobs and $11,284,400 investment will support a new distribution facility located at 3530 East Raines Road, near the Memphis International Airport. The new Raines Road facility will be utilized as a distribution center for Dayco products, who says the facility will allow for distribution of its products throughout the U.S.
The PILOT project will generate a projected $3.5 million in new tax revenue, with a benefit to cost ratio of $3.08 in new tax revenue to every $1 of taxes abated.
Dayco Products, LLC is a global leader in the research, design and manufacturing of a broad range of belts, tensioners, dampers, pulleys, hose and hydraulics equipment for the automotive, industrial and aftermarket industries. Founded over a 100 years ago,the company operates a fully integrated global network of manufacturing facilities, distribution centers, technical centers and sales offices.