NASHVILLE (AP) — A Tennessee panel has approved a $10 million economic development grant to establish the FedEx Logistics headquarters in downtown Memphis.

FedEx Logistics was one of five economic development deals that received the State Funding Board's approval Friday.

State economic development commissioner Bob Rolfe said FedEx Logistics has committed to invest $44 million and create 689 jobs earning $56 hourly on average. The $10 million state grant will help retrofit its building, the former Gibson Guitar factory.

Other incentives approved Friday include: $1.2 million for trucking company JNJ Express LLC in Memphis, $3 million for Brazilian tile maker Portobello America Inc. in Baxter, $6.5 million for Belgian bus and industrial vehicle manufacturer Van Hool TN Manufacturing LLC in Morristown and $28,000 for Swedish aluminum engineering firm Gränges Americas Inc. in Huntingdon.