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Ken Greco Co. to Sell Building to Tenant
YOUNGSTOWN, Ohio -- Ken Greco Co. plans to sell the building where its GLG Industries subsidiary is housed to International Steel & Counterweights, which rents space in the 140 N. West Ave. building.
City Council is scheduled to vote tonight to sell pieces of land it owns near the building to allow the sale of the property to move forward.
Ken Greco Co. buys, processes and sells scrap steel to industrial customers across the region. Its GLG Industries Inc. unit processes excess steel or metal that once spilled from a ladle or furnace, or “overpours,” as well as other scrap steel.
International Steel & Counterweights provides customers with steel fabrications used for counterweights, fabrications, weldments and steel supply.
The city had to clear property it owns near the building in order for the sale to move forward, said Sarah Brugler, chief financial officer at Ken Greco Co. “What’s on the [City Council] agenda is to get the city to sign off on that piece of land so that we can then sell it,” she said.
The city will sell the land to GLG for $10.
“This is actually an extension of property that was transferred to GLG back in July,” reported T. Sharon Woodberry, city economic development director. Additional pieces of property were subsequently discovered to be owned by the city and needed to be transferred for the sale to move forward. Woodberry was unsure how much property is involved; the transfer last year involved less than an acre, she said.
“My understanding is that this is just to solidify” International Steel & Counterweights’ location, she said. She was not aware of any other plans the company had.
International Steel & Counterweights’ general manager, Paul Vesey, was not available for comment Monday.
GLG, which does the processing for Ken Greco Co., will be absorbed into Greco, with no job losses, Brugler said. “We eventually probably will buy another piece of property but right now we just haven’t found one,” she said.
BACKGROUND:
Youngstown Gives River Bend Site to GLG Industries
Ken Greco Co. Stays Ahead of Scrap Market