LITTLE ROCK, Ark. (AP) - The Arkansas Economic Development Commission has approved a bond guarantee for a Texas investing group to reopen a timber mill in southwest Arkansas which is expected to create about 60 jobs.
The commission approved the $750,000 bond guarantee for Texas CLT LLC on Thursday, the Arkansas Democrat-Gazette reported .
The mill will produce cross-laminated timber, which is more environmentally-friendly and energy-efficient than steel or concrete, said Bryan Scoggins, the commission’s director of business finance. Brant Cobb, chief operating officer of Texas CLT, said cross-laminated timber is also less expensive than other building materials.
Cobb said he expects the Magnolia mill to begin hiring in November and operating in January. He said he anticipates investing more than $3 million in the mill over the next three years.
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