CHARLESTON, W.Va. -- A Wisconsin-based aluminum company plans to buy Scott Aluminum Corp. in Clarksburg and hire 13 workers within the next few years.
The West Virginia Economic Development Authority approved a request to transfer a $2.7 million agency loan from Scott Aluminum to Skana Aluminum Co. Thursday.
The loan will be used to purchase equipment in the Scott Aluminum plant and increase the staff from 35 to 48 workers over the next three years.
In April 2011, the EDA approved a request to transfer a $3.2 million agency loan from Aluminum Services to Scott Aluminum, headquartered in Chagrin Falls, Ohio. Aluminum Services, a Morgantown-based investment group, used the loan to purchase equipment and property from the former Precision Coils aluminum factory in Clarksburg, which closed a year earlier.
Citing slumping aluminum prices and the recession, Precision Coil shut down the plant in April 2009, putting 100 employees out of work.
Precision Coil -- which was known as a "niche player" in the aluminum industry -- specialized in filling small orders and delivering them quickly. Aluminum Services expected to adopt a similar business model.
In an effort to save the plant, the EDA approved a $3 million loan in April 2009 for a private equity company that had planned to purchase Precision Coil. The loan never closed.