Real Alloy Recycling, a Mount Pleasant aluminum foundry that employs about 40 people, will shut down as its corporate parent restructures its financial affairs in bankruptcy court.
Real Alloy Holding Inc., of Beachwood, Ohio, announced last week that the Mount Pleasant foundry, 7505 Durand Ave. will cease operations. No closing date was given.
Real Alloy bought the 180,000-square-foot plant from Beck Aluminum in November 2016. The foundry melts scrap aluminum and produces high-purity alloys for various industries.
In June 2015, the Wisconsin Economic Development Corp. awarded Beck up to $300,000 in tax credits to upgrade the plant, retain the 52 jobs that were there at the time and create 25 new jobs.
Beck exceeded the capital investment envisioned in the award of the credits, but only created seven jobs. The firm received $122,000 in tax credits.
After learning last August that the foundry would be closed, however, the WEDC terminated its contract with Beck and revoked the credits. The State of Wisconsin will seek to recover the $122,000, WEDC spokesman Mark Maley said.
Real Alloy Holding filed for Chapter 11 bankruptcy reorganization in November, along with corporate parent Real Industry Inc. and several affiliates.
Source: moneycontrol.com
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