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Industrial board reports 333 jobs at risk after TMD sale; spec building draws strong interest
Summary
Commissioner Doug Cunningham told the Lincoln County Board of Commissioners that Toledo Molding & Die will close local operations on April 30, affecting 333 employees; the industrial board highlighted a nearly completed 100,000 sq ft spec building supported by a $3.5 million state grant and ongoing site-marketing success.
At the April 21 meeting, Commissioner Doug Cunningham presented the quarterly report of the joint city–county Industrial Development Board (IDB), opening with a notice that Toledo Molding & Die informed the county on March 23 that Angstrom Automotive will acquire TMD’s facilities and plans to close the Tennessee plant on April 30.
Cunningham said the Tennessee site employed 333 people as of March 23 and that the state’s rapid-response team organized an on-site job fair for affected employees the next day. IDB staff distributed event information to local employers and outside site consultants; Cunningham said two prospective buyer groups have since completed site visits of the vacant facility.
Cunningham also highlighted near-completion of a 100,000-square-foot speculative (spec) building at Runway Center Industrial Park, a project supported by a $3.5 million Tennessee ECD site-development grant. The IDB reported multiple site visits, strong interest from consultants and companies, and ongoing inquiries for sites and the spec building from companies in diverse sectors, including defense and plastics.
On tax-incentive pilots, Cunningham summarized eight existing agreements with staggered terms and differing payment arrangements. Examples cited in the presentation: a solar pilot that initially pays a flat fee of $113,000 for five years before scheduled increases; a five-year pilot for CNS Plastics that currently requires payment of 80% of taxes and ends this fiscal year; longer-term pilots for other long-standing employers. Cunningham said several pilots will end in the coming year.
Cunningham framed the IDB’s work as critical to replacing jobs lost by plant closures and argued that confidentiality and a streamlined authority structure are necessary to compete for new projects. He urged continued funding and cooperation so the IDB can quickly respond to prospective company inquiries.
What happens next: IDB staff and state partners are continuing site marketing and follow-up with prospective buyers; a job fair and rapid-response activities were scheduled to assist affected TMD employees. The IDB report was informational; no formal policy action was taken by the commission at the meeting.
