Local group signs agreement to buy plywood plant
June 19th, 2009 - 5:06am
(Port Angeles) -- A big step in the possible reopening of a major Port Angeles employer.
Peninsula Plywood Group announced today that it has signed a definitive agreement with Sterling Savings Bank to purchase the plywood plant assets on Marine Drive.
Under the terms of the purchase agreement, closing of the purchase is to occur not later than July 15, 2009.
The closing of the purchase is contingent upon Peninsula Plywood coming to terms with the Port of Port Angeles on a lease of the property where the assets are located.
The terms of the purchase agreement are private and confidential.
Peninsula Plywood spokesman Josh Renshaw said in a press release today, “We've achieved an important first step in a process that will create a significant number of jobs for the community and will allow us to return plywood production to a plant with a long history in our community.
Renshaw added, “We're confident that the resources and quality work force necessary for this plant are still present and locally available.”
Renshaw says there will be no further comments from Peninsula Plywood at this time.
Applications for employment are not yet being accepted.
The company expects to release more information upon the closing of the purchase.
K-Ply shut down more than a year ago putting more than 130 people out of work in the Port Angeles.
Renshaw is the former sales manager for the mill. He has been attempting to work a deal to reopen the mill for more than nine months.
Email This Story
LATEST NEWS ITEMS:
