"What we're repeating is what happened when Scott Aluminum bought Aluminum Services," said David Warner, executive director of the Economic Development Authority. "Scott Aluminum assumed Aluminum Services' loan and now Skana Aluminum is assuming Scott Aluminum's loan."
Since November 2009, Skana Aluminum has manufactured customized aluminum coils and flat rolled products. The company operates a direct-cast production facility in Manitowoc, Wis.
In other business Thursday, EDA members gave final approval for four loans that total $1.3 million for Ohio Valley Veneer to finance equipment and facility improvements at the former Veneer and General Woods building in Spencer.
A $700,000 loan will be used to purchase the facility; a $300,000 loan will purchase the equipment; a $100,000 loan will go toward improvements to the building; and a $200,000 loan will be used to add new equipment and improve the facility's current equipment.
The facility in Roane County has been empty for more than five years. Ohio Valley Veneer, a manufacturer of wood products, operates in Ohio and Kentucky. This will be the first time the company has operated in West Virginia.
The project is expected to create 18 jobs in the next three years, according to the EDA.
Reach Megan Workman at megan.work...@wvgazette.com or 304-348-5113.