“This loan will allow us to make necessary building improvements to attract a major employer to the region, and help bring nearly 100 family-wage jobs to Clark County where unemployment is still hovering near 13 percent,” said Port of Vancouver Executive Director Larry Paulson. “Our private sector partner Sapa Profiles, Inc. has a proven track record of success with tremendous potential for growth and will be a valuable new business in Clark County and Washington State."
The port and Sapa Profiles, Inc. are currently working toward a final lease agreement for the former Panasonic building, located at 2001 Kotobuki Way. The building has been vacant since the electronics manufacturing company closed its doors in 2008, laying off more than 200 fulltime and temporary employees.
Total cost of the necessary renovations is $1.3 million and includes replacement of the building’s current asphalt floor with a reinforced concrete floor, as well as electrical and HVAC upgrades. In addition to the $800,000 CERB loan, the port will provide $500,000 in matching funds to complete the improvements. The private-sector investment by Sapa Profiles, Inc. in manufacturing equipment and additional facility upgrades is anticipated to be more than $8 million in the first 12 months of occupancy.
Sapa Profiles, Inc. has 15 plants located in North America. The Port of Vancouver location will be the company’s first facility in the state of Washington.
