A dialysis products manufacturer plans to expand its company in Knox County and bring 665 jobs to the area.
Fresenius USA Manufacturing Inc. was granted tax incentives by the Industrial Development Board Tuesday. The IDB approved $3.8 million in payment in lieu of taxes over 8 years, with the option to extend to 15 years.
"It's the biggest deal that we've had here in the last ten years," said Knox County Mayor Tim Burchett. "This is incredible news for Knox County."
A Senior Director for Fresenius North America, Bob Peterson, said the company plans to invest $140 million in capital investment.
The company is set to close on the former Panasonic building located in Forks of the River Industrial Park in East Knox County by the end of the month. He said it will take a year to remodel the facility and production should begin by 2015.
The first year will bring 211 jobs and increase to 665 in five years. The average hourly wage listed is $18 an hour not including benefits.
Peterson said they chose Knox County for its ideal location and incentives.
Executive Vice President of the Knoxville Chamber, Rhonda Rice, said it's important to look at the jobs needed for construction, suppliers, contractors, and vendors needed to support Fresenius.
"All of these will come into play to creating somewhere around 1,700 indirect jobs and an additional spend of about $30 million here in the innovation valley," Rice said. "So it's a great win for our region. It continues to help other companies see the value in expanding their businesses here we're very appreciate to Fresenius for this investment."
According to their website, the company operates around 14 dialysis treatment centers in the area and 2,100 facilities nationwide, employing 55,000 people.
The IDB also approved incentives for WS Packing which plans to expand its current Knox County business by adding 230 jobs. Job postings will be made to the company's website at wspackaging.com as they become available.