"I think it's fair to say Memphis is on a roll."
Monday morning inside The Peabody it was a presentation and announcement fit for a king.
With nearly all the power players of the Mid-South inside one room, Tennessee Governor Bill Haslam announced an already highly publicized 'secret.'
"It's our privilege today to announce that Mitsubishi Electric Products has confirmed its plan to build a 200 million dollar facility for the manufacture of electric transformers right here in the Rivergate Industrial Park in Memphis."
With Rudy Gay kicking off the event, the announcement secures a $200 million, 350,000 square foot factory and office building.
"Our intentions are to build the finest, most advanced transformer factory in the world," said Mitsubishi's Brian Heery.
The Mitsubishi Electric Power Products plant will produce large power transformers and the Rivergate Industrial Park site will be headquarters for their heavy electrical equipment production in North America.
"When I see big companies coming into our area I also think about the small companies that will benefit from that," said Shelby County Mayor Mark Luttrell.
While 90 employees will be hired as early as this year, Heery said that number will swell to 275 by 2013 when the factory is fully operational. "We expect to hire the majority of the people right here in Memphis."
The transformers weigh more than 400 tons and Memphis' road, rail and waterway infrastructure is one of the reasons why the city was hand picked.
"Others may see Memphis as it is and say why; Governor, I see Memphis as it can be and say why not. Thank you, thank you, thank you!" exclaimed Memphis Mayor A C Wharton.