Timber company to expand in Southwest Virginia
DUNGANNON, Va. (AP) — A timber company is planning to spend nearly $4 million in Virginia’s economically depressed far southwest after receiving promises of significant state aid.
Gov. Ralph Northam announced Friday that Mountain Top Timber Products plans to spend $3.8 million on reviving an abandoned industrial building in Scott County for wood chipping and saw mill operations.
The company said it will spend $14 million buying Virginia lumber and create 50 new jobs.
Northam approved a $260,000 grant, which Scott County will match with local funds. The Virginia Coalfield Economic Development Authority approved a $1 million loan to the county’s economic development authority to help with the project.
The state’ tobacco commission has also approved a $125,000 grant and a $125,000 loan for the project.