Company invests $6 million in new facility in Covington

Continental Waste Management LLC will invest $6 million to establish a post-industrial and post-consumer plastic recycling plant in the City of Covington.

The company, which will occupy the former AET Film property, will also produce plastic/wood composite products. The project will create 100 new jobs. Virginia successfully competed against North Carolina for the project.

“This project is tremendous for Covington and Alleghany County,” Gov. Bob McDonnell said. “Not only will Continental Waste Management create 100 new jobs for a region that is striving to rebound, they are able to put a former industrial property back into productive use. Virginia is gaining a great corporate partner in this environmentally conscious recycling company.”

“I am confident that Covington will be a great fit for Continental Waste Management’s new operation,” said Jim Cheng, Virginia Secretary of Commerce and Trade. “The company has access to facility infrastructure that meets its production and recycling needs, and the region offers an eager, available workforce to fill the new jobs.”

Continental Waste Management is a recycling and manufacturing company utilizing environmentally friendly recycling and manufacturing methods to convert waste plastic materials into commercially viable products. The company will be vertically integrated producing both clean PET Flake/Pellet and molded plastic products for worldwide markets. The Covington manufacturing operation will begin early summer 2011.

The Virginia Economic Development Partnership worked with the City of Covington, Alleghany County, the Town of Clifton Forge and the Alleghany Highlands Economic Development Corporation to secure the project for Virginia. Governor McDonnell approved a $150,000 grant from the Governor’s Opportunity Fund to assist Covington with the project. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s recruitment and training activities.

“Covington City Council is most appreciative for the support and assistance we have received from Governor McDonnell, Alleghany County, Clifton Forge and the AHEDC,” said Covington Mayor Robert K. Bennett. “We have been working with this prospect for close to a year and it is gratifying to know that our efforts will result in new job opportunities for so many residents of the area.”