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A Ritchie County production company Troy Mills has been revived from closure and
bankruptcy. The company went into rapid decline after September 11, with the loss
of 120 jobs.
New owners with the cooperation of investment partners have purchased the
company for $3.6 million. Richard Kerns, former plant manager and Marty Ballen,
former sales manager, have teamed together to get the plant back in operation.
However, union employees of the company voted twice not to accept a contract, but
relented during a third effort. The sale and re-opening of the plant hinged on union
approval.
The State of West Virginia's economic development office is essentially underwriting
the plant, working with the Ritchie County Economic Development Authority. A $1
million loan was obtained for the purchase of the property, and Troy will lease the
building and property from the local EDA.
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