SPENCER VENEER CLOSING DOORS IN SPENCER - 130 JOBS LOST

(06/08/2007)

One of Roane County's last production plants announced today it is closing its doors. Spencer Veneer, located just off US 33-119 east of Spencer's city limits, has about 130 employees. The company advised Spencer Mayor Terry Williams the plant will be closing June 15th. The reasons for the closure have not been made public, at least yet. The company has had a reputation for employee turn-over and has had several serious safety-accident problems, with at least one resulting in death. A worker said the company generally pays workers about $5.50 an hour, although they do have some benefits. A large number of Calhoun residents work at the plant, sources indicate about half of the workers. Spencer Veneer LLC was formed in July 2000, purchasing the 118,000-square-foot former Roane Hardwoods building. The company established a wood veneer manufacturing operation. In 2003, the company purchased the 110,000-square-foot former BF Goodrich building for expansion purposes, estimating that the number of employees would cap at about 190 in three years. A government loan was made to Spencer Veneer in 2003 of $421,320, to assume an existing WVEDA loan to BF Goodrich for its building in Spencer for use by Spencer Veneer LLC. More to follow...

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