Closing Deal of Industrial Rebirth in Mexico

1 decade 10 months 3 weeks ago November 04, 2005 Nov 4, 2005 Friday, November 04 2005 Friday, November 04, 2005 7:39:04 AM CST in News

"It hasn't changed hands yet, they're still doing surveys and those sorts of things but it's all approved and the contracts are signed," Mexico City Manager Tanna Parish said.

They said the owners will bring new jobs and a different type of industry to the plant that's been quiet for more than three years.

David Boone of the Mexico Economic Development said, "We can't say who it is yet, because it has to close, but we have some promising news that we hope to be able to report."

A. P. Green's buyers could be just in time to receive new tax incentives for bringing labor into one of Mexico's enhanced enterprise zones. Mexico's Economic Development Office identified these zones as areas with poor economic status. Big businesses who make Mexico home or existing businesses looking to expand will be eligible for tax breaks if the state approves Mexico's proposal.

"In the case of Mexico, we feel like we want to put ourselves in a position to compete for those jobs, so that's what we're doing," said Boone.

One buyer's already lined up, but city officials say more than one business may take advantage of the huge amount of land at this site.

"Some other users are going to come in behind the initial owner and look at redeveloping the entire site," Boone said.

City officials said they feel confident A.P. Green's owners are the first step in making Mexico's industrial past into a part of the future. Mexico city officials said the new incentives and A.P. Green's business deal will be finalized by the end of the year.  The factory shut down in 2002.

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