DUNGANNON, VA – July 6, 2018 – The Virginia Coalfield Economic Development Authority (VCEDA) joined Gov. Ralph Northam, Scott County, and other state and local officials today in announcing a regional wood products company’s expansion project in the former Louisiana Pacific facility in Dungannon.
Locally owned Mountain Top Timber Products, LLC currently purchases and chips hardwoods and pulpwood at its location on Stone Mountain Road in Coeburn. This chipmill will continue to operate, and the expansion to the 117,000-sq.-ft. Dungannon building with rail access will allow the company to retrofit this facility into a chipmill and sawmill and increase their business.
In February 2018, the VCEDA board approved a loan of up to $1 million to the Economic Development Authority of Scott County to help finance the purchase of equipment, machinery and tools for the expansion project. A loan closing was held on this VCEDA loan on June 29.
“We were pleased to be able to assist the Scott County EDA and Mountain Top Timber Products on this important project for Scott County and the region. The new jobs planned by the company are welcome news and will help the economy of the area,” said Jonathan Belcher, VCEDA executive director/general counsel.
Mountain Top Timber Products projects at least 50 new full-time employees within three years with the expansion project. Additionally, the company predicts 250 spin-off jobs could result from the expansion project.
About Virginia Coalfield Economic Development Authority and Virginia’s e-Region: The Virginia Coalfield Economic Development Authority, created by the Virginia General Assembly in 1988 to enhance and diversify the region’s economy and help create jobs, markets Virginia’s e-Region and its focus on electronic information technology, energy, education, emerging technologies, and entrepreneurship. VCEDA is a unique economic development organization that manages funds for economic development projects from a percentage of the coal and natural gas severance taxes paid by coal and natural gas companies that operate in the region. Located in southwestern Virginia, the region includes Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise counties and the City of Norton. www.vceda.us or www.e-Region.org.