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Tennessee Funding Board approves $10.3M in incentives to 7 projects

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(The Center Square) – The Tennessee State Funding Board approved $10.3 million in incentives for seven companies at its Monday afternoon meeting.

The largest was $3.4 million to Schneider Electric for spending $85 million on a new facility on Maddox Road in Wilson County and to expand its Rutherford County location.

Tennessee’s Department of Economic and Community Development now has $54.5 million left in uncommitted FastTrack funds with $548.2 million committed to projects.

Schneider plans 100 net new jobs at an average hourly wage of $24.52 in Smyrna and 355 net new jobs at an average $26.01 hourly in Mount Juliet.

Shoals Technologies Group will receive nearly $2.5 million. It plans an outlay of $80 million over five years to expand its existing manufacturing and distribution operations to a new, larger location in Portland with a commitment of 551 net new jobs with an average $36.15 hourly wage.

The state is sending $1.6 million to Nokian Tyres in Dayton, $1.3 million to Bridgetown Natural Foods in Mount Juliet, $900,000 to AYM Inc. and $520,000 to A.O. Smith Corp. for its new expansion in Cheatham County.

Nokian Tyres committed to 175 net new jobs with an average $20.23 hourly wage.

Bridgetown Natural Foods has committed to hiring 219 net new jobs within five years with an average hourly wage of $22.13.

AYM committed to 96 net new jobs at an average $19.62 hourly wage. A.O. Smith committeed to 130 net new jobs at an average $23.98 hourly wage.