Charleston, W.Va. -- Members of the West Virginia Economic Development Authority decided Thursday to OK preliminary loan approvals for a new manufacturing plant in Jackson County and the expansion of an existing West Virginia manufacturing operation in Putnam County.
Members approved a 10-year, $15 million loan to Carbonyx International. The Texas-based company specializes in an alternative coke product, called cokonyx. The multi-step, synthetic process works through a series of chemical reactions to produce the cokonyx that is then used in the metal industry.
This will be the company's first time doing business in the Mountain State.
"We are pleased to be a part of another new economic project happening in West Virginia," said WVEDA executive director David Warner.
Carbonyx will create 60 initial construction jobs. The multi-phased plant construction is expected to start next year and take 18 months to two years to complete.
The loan would be used for purchasing equipment. Carbonyx would employ 82 people after one year, and 92 people after three years.
In Putnam County, Multicoat Products is expanding its operation with the help of the WVEDA. Members approved a 10-year, $1.5 million loan to purchase land, construct a new building and acquire new equipment.
The WVEDA has done business with Multicoat Products before. A few years ago the WVEDA approved a loan for the company's expansion that never materialized, Warner said.
"They think they are in a position now to build," Warner said. "I'm confident they will be successful. They understand their marketplace better than anyone else."
Multicoat Products employs six people. After one year the company will employ 11 people, and after three years it will employ 18 people.