Mercer County commissioners Thursday approved a $2.8 million Mercer County Industrial Development Authority loan to be used to build a new plant for Haywood Industries, Farrell.

Work on the $4 million project is hoped to begin in March 2001, said Michael Garvey, president of Haywood Industries. The other funds will come from a $925,000 bank loan and $270,000 of the company’s own funds.

Operating for the last 5 1/2 years, the company has operated out of the 106-year-old former Sharon Steel building, Haywood Industries manufactures and reconditions machines and equipment used in the making of primary metals. Its customers are in the titanium and ferrous and nonferrous metals industries, Garvey said.

Its customers include Duferco Farrell Corp. and its predecessor Cafaro, Garvey said. The company wants to increase the number of its customers, he said.

The new plant also will be in the Broadway Avenue area of the former Sharon Steel. Renovating the current plant was not as cost effective as building a new plant that will meet the company’s standards, he said.

When the project is completed, Haywood Industries’ current 38 employees will be retained and 22 full-time jobs are expected to be added over the next three years.

The tax-exempt MCIDA loan was issued to J & M Development Ltd. of Ohio for use by the Canfield, Ohio-based The Garvey Corp., which also is known as Haywood Industries.

Garvey and Larry Reichard, executive director of Penn-Northwest Development Corp., commended each other’s cooperation and support for the project.

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