APPLE GROVE, W.Va. — A company based in Taiwan says it is buying the former M&G Plant in Apple Grove, W.Va.
The Associated Press reports Taipei-based Far Eastern New Century Corporation says in a news release that it has successfully bid about 1 billion New Taiwan dollars ($34 million) for the plant formerly owned by M&G Polymers USA LLC in Apple Grove. The transaction also includes a research center in Ohio. The statement did not specify the Ohio town.
The statement says pending bankruptcy court approval, it will be FENC’s first polymer resin production site in the United States, also according to the AP.
Back in September, the Mason County Commission received notification the plant would cease operations. Then in October, it was reported M&G Polymers USA, LLC, filed a petition for bankruptcy protection in U.S. Bankruptcy Court for the District of Delaware.
It was estimated at the time of its closure, the plant employed around 100 hourly employees and 40 salaried employees who were directly impacted.
When the plant’s impending closure was initially announced in September, it was reported M&G Polymers had paid $370,000 in taxes to Mason County, during the first half of that year. Of that amount, nearly 77 percent is allocated to Mason County Schools, the county’s largest employer. In addition to the concerns over lost employment for residents and revenue for the county, there was also concern over who, or what, would fill the company’s place when it came to charitable endeavors in Mason County. In 2017, M&G Polymers held its annual golf tournament to benefit Crosslight of Hope, raising over $12,000 for the ministry which provides food, clothing and basic needs for families in southern Mason County. The company was also a faithful buyer at the Mason County Fair Livestock Sale.
As for what this news of a new buyer may mean for employees who were previously employed at the plant, that remains to be seen as the decision is pending approval in bankruptcy court. The Point Pleasant Register will continue to follow this story.
The AP reports FENC also has production sites in Taiwan and China. A plant in Vietnam is scheduled to start production in June.
Beth Sergent contributed to this article.