International Paper subsidiary will have East Memphis HQ

International Paper subsidiary Sylvamo has chosen an East Memphis headquarters after being awarded a jobs Payment-in-lieu-of-taxes incentive by the Economic Development Growth Engine for Memphis and Shelby County.

Sylvamo will have its headquarters at 6077 Primacy Parkway, about a mile from International Paper’s headquarters, according to documents submitted to the EDGE board. The company will occupy about 87,000 square feet of the building, approximately twothirds of the structure.

According to documents, the company plans to invest $14.5 million, $7.5 million of which will be tenant improvements.

Sylvamo is being spun off into an independent, publicly traded company. It will produce a variety of paper materials.

Sylvamo was approved for a 15-year PILOT from EDGE on April 21.

Of the 300 jobs to be created, the lowest-paying positions would have an average base pay of almost $87,000, according to the PILOT application. General management salaries would be about $124,000 on average and senior management salaries would be about $258,000 on average.

Atlantic Track + Turnout plans Memphis expansion

New Jersey-based railroad manufacturing and supply company Atlantic Track + Turnout Co. has submitted an application to EDGE for a jobs PILOT.

The company plans to expand its Memphis presence, adding 26 jobs to the existing 50 in the city, by purchasing, renovating and expanding into a vacant building at 391 E. Mallory Ave.

The company plans to invest more than $14 million. The application will be considered at a meeting on July 28.