VCEDA Executive Director/General Counsel Jonathan Belcher, center, recently presented Ernie McFaddin, chairman, Russell County IDA, left; and Katherine Patton, legal counsel, Russell County IDA, right, with a ceremonial check representing VCEDA’s commitment to the JENNCHEM project.
Lebanon, VA (July 26, 2017) The Virginia Coalfield Economic Development Authority (VCEDA) held a loan closing June 30 to assist in the location of a new manufacturing operation in Russell County that will bring 50 new jobs and a $5 million investment.
JENNCHEM, LLC, an affiliate of JENNMAR Corporation, will establish a manufacturing operation for heavy duty conveyor systems in the former Teleflex facility in the Russell County Industrial Park in Lebanon.
In April, VCEDA approved an up to $1.5 million loan to the Russell County Industrial Development Authority (IDA) to be used in the acquisition, up-fit and equipping of the 103,000 sq ft facility more recently occupied by Clinch Mountain Flooring. This loan was closed June 30 in Lebanon. JENNCHEM plans to invest $5 million in the operation that will manufacture conveyor systems primarily for the mining industry, as well as the transportation, automotive, electronics, construction and aviation industries.
“We are pleased to be able to assist Russell County in locating a new manufacturing operation in an existing facility and further diversify and strengthen the manufacturing base in our region,” said Jonathan Belcher, VCEDA executive director/general counsel. “JENNCHEM’S affiliate, JENNMAR Corporation, is a global, family-owned company that has been an excellent corporate citizen in our region for many years.”
JENNCHEM designs, develops and manufactures chemical roof support, rock stabilization and ventilation sealing products. JENNMAR operates a roof support manufacturing facility in Tazewell County, Virginia. JENNMAR’s network of affiliates includes engineering services, resin manufacturing, rolled-steel and drill-steel manufacturing, custom manufacturing, chemical roof support, and sealing products.
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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 and emerging technologies. 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.