By Stephen Smoot, The Pendleton Times
FRANKLIN, W.Va. — Last March, hundreds of employees of the former Allegheny Wood Products received the news that many had been dreading. The troubled company ceased operations throughout its global reach of facilities as it defaulted on debts to United Bank and other financial institutions.
This closure included the original mill established by the Crites family in Riverton and the massive production facility in Petersburg.
A court appointed receivership has overseen the properties in West Virginia since March.
It is important to note that the transactions have only gone through initial steps and that nothing yet has been finalized.
Goodfellow Inc., based in Canada, is expected to purchase dry kilns in Petersburg and Hazelton, Preston County. Upset bids at auction were scheduled for July 29 for these facilities and on August 5 for the mills in Riverton and Kingwood, Preston County.
The Canadian company, in operation since 1898, was founded near Montreal. Goodfellow Inc went public 40 years ago on the Toronto Stock Exchange, but the family still has strong ties to company leadership with Patrick Goodfellow serving as president and chief executive officer and Olivia Goodfellow as corporate secretary and director of marketing and communications.
“We are the largest distributor of building and wood products in Canada,” said Olivia Goodfellow. She went on to say that the company took pride this year in celebrating 126 years of existence and that “we have a long history and expertise in hardwoods.”