Tennessee awards $14M in business incentive grants
Published 2:52 pm Wednesday, May 8, 2024
Tennessee is set to approve $14 million in incentives to businesses through its FastTrack program.
The Department of Economic and Community Development’s FastTrack grant program are state grants sent to companies to help offset the costs of expanding or moving into the state with the goal of increasing the number of full-time jobs and the average wages of jobs available in an area.
Greenheck Fan Corp. will receive $6.5 million toward a $300 million Knoxville corporate campus, the company’s fourth such campus.
Avancez will receive $3.3 million toward its $54 million facility at BlueOval City Supplier Park near Ford’s new complex in Stanton.
Protomet is set to receive $1.5 million for its Rockwood manufacturing facility, Hankook & Co. will receive $1.5 million in Clarksville and Firestone Industrial Products is set to receive a $205,000 incentive in Dyersburg.
The incentives are set to be approved by Tennessee’s State Funding Board on Tuesday.
Greenheck is expected to employ 440 new workers at its new Knoxville facility, which will include manufacturing and warehousing facilities as well as a main office and dedicated space for training and research and development.
Greenheck manufactures industrial ventilation equipment, which can be found in schools, malls, office spaces and industrial plants.
Avancez is expected to employ 501 new employees as a BlueOval supplier. The company specializes in complex modular assembly, sequencing and other supply chain operations for automotive original equipment manufacturers.
Hankook Tire is expected to continue its expansion in Clarksville after receiving a $6 million incentive for expansion in 2022.
