|
Welcome back to Bluff City Biz, where every Monday we speak with someone in the know about our top stories from the previous week. Follow along for insight into key developments and analysis of all things Memphis business.
This week, we’re talking global networks and the University of Memphis’ Carnegie R1 designation with Beverly Robertson, president and CEO of the Greater Memphis Chamber.
 “There is a long road ahead and we have 6-9 months to even get to close, but Rentokil supports us and our team and leadership, and is committed to a substantial presence in Memphis,” Terminix spokesman James Robinson said. (Mark Weber/The Daily Memphian file)
One of Downtown’s anchor employers will be bought by a British company in a deal totaling $6.7 billion.
Memphis-based Terminix Global Holdings announced Tuesday, Dec. 14, its merger with Rentokil Initial in a transaction that includes $1.3 billion in cash and approximately 640 million new Rentokil Initial shares, according to the London Stock Exchange.
A Terminix spokesperson told The Daily Memphian in an email that Rentokil is “committed to a substantial presence in Memphis.”
And while the announcement left some questioning the reality of Rentokil’s dedication to the Mid-South, Robertson said the transaction will create more opportunities for Terminix and could help attract more global interest in the greater Memphis area.
“Here is a global company that wants to acquire another company that is located in Memphis,” Robertson said. “This will create an extremely broad network for Terminix and it will create opportunities for us to attract even more companies around the world because they will see the assets that Memphis has to offer.”
Terminix Global Holdings employees about 11,400 people worldwide, and a spokesperson confirmed this week that 1,000 employees still work in Memphis and approximately 600 work at the Business Support Center Downtown.
Rentokil, which traces its founding to 1925, operates in over 80 countries and employees more than 19,000 pest control specialists, according to its website.
“On behalf of the Board of Terminix, I enthusiastically support this complementary combination of two phenomenal pest management companies,” said Terminix chairman Naren Gursahaney in a statement. “Our Board of Directors is confident that Rentokil Initial is the perfect partner for Terminix and that this transaction will maximize value for Terminix’s customers, teammates and stockholders.”
Robertson said the news is especially bright for the chamber, which can use Rentokil’s presence as a recruiting chip for other companies.
“Transactions like this one attract people globally, both from a business and a tourism perspective,” Robertson said. “Expanding the market is always good news for the chamber.”
 The University of Memphis announced Thursday, Dec. 16, it has been designated R1 status by the Carnegie Classification of Institutions of Higher Education. (Mark Weber/The Daily Memphian file)
This week, the University of Memphis met a major milestone in its longtime mission to become one of the nation’s top research facilities when it was designated R1 status by the Carnegie Classification of Institutions of Higher Education.
“I’m thrilled to share that the University of Memphis has been designated as a Carnegie R1 University, one of only three universities nationally to successfully move from R2 to R1 status this year,” University of Memphis president M. David Rudd said in an announcement Thursday, Dec. 16.
“Achieving this status is the outcome of a focused, strategic and intense effort over the past five years, and one accomplished with limited resources and targeted investments,” Rudd said.
The esteemed designation is awarded to universities with the highest levels of research activity, and the news could bring 1,500 more jobs to the university and could add $100 million in additional impact on the local economy.
“This news really does place the University of Memphis in a prestigious position,” Robertson said. “It not only elevates the standing of the institution tremendously, but it’s also a great attractor for businesses, which want to be in places where you have strong institutions of higher learning. This designation will surly spur innovation.”
Robertson often touts what she calls Memphis’ four R’s: road, rail, river and runway. Now, she says it’s time to add a fifth: research.
More Bluff City Biz:
 St. Jude announced Monday, Dec. 13, that it would invest $200 million over six years to launch the Global Platform for Access to Childhood Cancer Medicines. (Patrick Lantrip/Daily Memphian)
A new partnership between St. Jude Children’s Research Hospital and the World Health Organization will provide cancer treatment for children living in low- and middle-income countries worldwide.
The developer purchased two vacant parcels in the Forest Hill Heights area — a mixed-use zoning site near a planned sportsplex by the suburb.
“Even with the market slowing a bit during the holidays, like it always does, the numbers are still strong,” MAAR president Cassandra Bell-Warren said in a statement released Monday, Dec. 13.
Businessman Mark Lovell has sold the privately owned but publicly accessible Stonebridge Golf Course.
Southwest Tennessee Community College is focusing on rebuilding its enrollment after a 24% drop during the COVID-19 pandemic.
Memphis International Airport announced Tuesday, Dec. 14, that the Miramar, Florida-based airline is launching nonstop service to Las Vegas McCarran International Airport and Orlando International Airport on April 20 and daily flights to Los Angeles International Airport beginning June 8.
Jennifer Collins sat down with The Daily Memphian to talk about who she is and what she plans to do in her presidency.
What to do with shuttered big box stores, and an update on the planned mixed-use development at the former Union Avenue police station.
Until the new president can be nominated and confirmed, EDGE chose to appoint a vice president to handle certain day-to-day and administrative functions.
Memphis International Airport has just landed another flight it’s been chasing for years. The airport announced Thursday, Dec. 16, that American Airlines will launch nonstop service between Boston and Memphis in June.
Memphis is included in Simmons Bank’s initiative to be the presenting sponsor of women’s athletics at 10 schools, the bank announced Thursday, Dec. 16.
Both private and public development have come to the Memphis Medical District.
FedEx posted revenue of $23.47 billion in the period, topping Wall Street forecasts of $22.53 billion.
Memphis International Airport is nearing completion of its remodel of Terminal B, which will house all airline activity, retail shops and restaurants.
Memphis-based General Contractor, RKA Construction, recently named Bradley Wilford as the company’s Chief Operating Officer.
..... |
