CHARLESTON, W.Va. -- The state Infrastructure and Jobs Development Council approved a $3 million loan for Diamond Electric Manufacturing Corp. Thursday, paving the way for the Putnam County plant to purchase equipment and create 54 jobs over the next three years.

Diamond Electric, which manufactures ignition coils and has about 120 workers at its Eleanor plant, recently landed a contract with Ford Motor Co. to begin producing coils for Ford's 2.0-liter, 4-cylinder engine and 3.5-liter, 6-cylinder engine in September 2010.

Infrastructure council members voted unanimously to approve the 10-year fixed-rate loan during their regular monthly meeting in Charleston. The loan is contingent upon a guaranty by Diamond's parent company, Michigan-based Diamond Electric USA.

State Commerce Secretary Kelley Goes recommended the funding, which will help the company purchase equipment needed to accommodate the Ford contract. 

"The state is pleased to see one of its longstanding companies investing in West Virginia through expansion and upgrades," Goes said after Thursday's meeting. "This added capacity will support the retention of existing jobs and creation of new ones."

Last month, the state Economic Development Authority gave preliminary approval for a separate $3 million loan to Diamond Electric.  

The company is headquartered in Osaka, Japan. Diamond began production at its plant in the Eleanor Industrial Park in 1996, and the facility has expanded three times.

The plant has the capacity to make 13.2 million coils a year and is on track to become Diamond's largest ignition coil plant.

Diamond's employment in Putnam County reached a high of 200 in 2006. A Diamond spokesman was unavailable for comment Thursday.

CHARLESTON, W.Va. -- The state Infrastructure and Jobs Development Council approved a $3 million loan for Diamond Electric Manufacturing Corp. Thursday, paving the way for the Putnam County plant to purchase equipment and create 54 jobs over the next three years.

Diamond Electric, which manufactures ignition coils and has about 120 workers at its Eleanor plant, recently landed a contract with Ford Motor Co. to begin producing coils for Ford's 2.0-liter, 4-cylinder engine and 3.5-liter, 6-cylinder engine in September 2010.

Infrastructure council members voted unanimously to approve the 10-year fixed-rate loan during their regular monthly meeting in Charleston. The loan is contingent upon a guaranty by Diamond's parent company, Michigan-based Diamond Electric USA.

State Commerce Secretary Kelley Goes recommended the funding, which will help the company purchase equipment needed to accommodate the Ford contract. 

"The state is pleased to see one of its longstanding companies investing in West Virginia through expansion and upgrades," Goes said after Thursday's meeting. "This added capacity will support the retention of existing jobs and creation of new ones."

Last month, the state Economic Development Authority gave preliminary approval for a separate $3 million loan to Diamond Electric.  

The company is headquartered in Osaka, Japan. Diamond began production at its plant in the Eleanor Industrial Park in 1996, and the facility has expanded three times.

The plant has the capacity to make 13.2 million coils a year and is on track to become Diamond's largest ignition coil plant.

Diamond's employment in Putnam County reached a high of 200 in 2006. A Diamond spokesman was unavailable for comment Thursday.