91ÊÓƵ

The Eugene-based Farwest Steel has officially closed on the purchase of a 20-acre industrial tract at the Port of Vancouver USA.

Farwest Steel Corporation – which fabricates, processes and distributes steel – purchased the land from the port for $5.1 million. The deal was first announced in August of last year, but had to go through a lengthy public process to receive approval because it was public land being sold to a private company.

The company plans to spend $40 million in order to build a new manufacturing facility on the lot, consolidating operations at several other facilities in Oregon, Washington, California, Idaho and Utah. Construction on the new facility is slated to begin in July, and the facility should be operational by 2012.

Approximately 100 jobs will relocate to the port site, while 125 new jobs are expected to be added. Average annual salary for the jobs will be $40,000.

Port of Vancouver Commission President Brian Wolfe said selling property isn’t something the port usually does. But in this case it will result in good-paying jobs for Clark County residents, he said.