Mitsubishi Electric to sell transformer factory in Memphis to a rival
MEMPHIS, TENNESSEE - Mitsubishi Electric plans to sell its transformer manufacturing plant in Memphis and lay off 160 workers due to sluggish business.
The Memphis transformer plant was launched just six years ago, after the company received tens of millions of dollars in tax incentives to open business in the Bluff City, reports Memphis Business Journal.
The factory makes the world's largest transformers for North American power companies, but due to sluggish business the Japanese company is reportedly looking to sell its plant to a rival.
The company is in advanced negotiations to sell the plant and the officials are hoping to conclude the deal in near future.
Joe Durante, general manager of the Memphis facility anticipates that the company that buys the plant will hire majority of the employees being laid off.
Source: Memphis Business Journal
