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Ormet sold for $25.25 million

Updated: Saturday, June 28 2014, 07:34 PM EDT

HANNIBAL, W.Va. –

Niagara Worldwide LLC won the rights to purchase the assets of Ormet Corp. for $25.25 million during a private auction Friday.

Niagara Worldwide is a property developer that acquires, manages, markets and sells idle industrial properties and assets.

“We find ourselves looking at a site in a downturned economy that needs some sort of face-lift, modification, marketing, interaction with the community or the economic development council so that it can gain funding, gain momentum and restart or change over completely,” Eric Spirtas, president at Niagara Worldwide said.

Less than a year ago, nearly 1,000 workers were laid off at the Ormet plant but now the site’s future is looking a little brighter.

“It’s a step in the right direction, it’s great news, we’re happy that Niagara Worldwide is willing to invest in the Ohio Valley and more than that, that they believe in the hardworking people of Eastern Ohio,” Ron Ferguson, a candidate for state House Representatives said.

If Niagra does restart the Ormet plant, it would bring in more jobs and give a boost to Monroe County’s economy.

“Well it builds the community up, jobs can come back here. A lot of them have left here, and got jobs at other places and maybe they’ll come back, I hope so,” retired Ormet employee Paul Isaacs said.

Spirtas said there is a lot of work to be done but they will work to find the right plan for the Ormet site.

Ormet sold for $25.25 million


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