MEMPHIS, Tennessee (From news reports) -- International Paper subsidiary Sylvamo has chosen an East Memphis headquarters after being awarded a jobs Payment-In-Lieu-Of-Taxes inventive by the Economic Development Growth Engine for Memphis and Shelby County.

Sylvamo will have its headquarters at 6077 Primacy Parkway, about a mile from International Paper's headquarters, according to documents submitted to the EDGE board. The company will occupy about 87,000 square feet of the building, approximately 67% of the structure.

According to documents, the company plans to invest $14.5 million, $7.5 million of which will be tenant improvements.

Sylvamo is in the process of being spun off into an independent, publicly-traded company. It will produce a variety of paper materials.