RENSSELAER — Genova Products Inc., which is based in Paducah, Ky., and has six plants nationwide, is in the process of securing a potential buyer for its plants, according to a press release issued Tuesday.
Genova closed the Rensselaer plant in late November, which ultimately eliminated nearly 100 jobs. It also closed its plant in Paducah as well as others.
But some former employees have been notified that Genova officials, including Joseph Pusateri, director of operations, are attempting to find a buyer for the plants.
“We currently have a potential buyer that Genova has agreed to the terms of their proposal,” Pusateri said in a press release. “It is currently being reviewed by the bank and we hope to have some direction soon.”
Pusateri said Genova maintained its operations at Rensselaer until the bank could no longer provide funds to secure raw materials for production. There’s been no explanation of what the material shortage included.
“Since that very day, efforts have been made to restore funding, thereby restoring operations,” Pusateri said. “Our singular objective was to get the plants up and running at all locations so all of our employees could return to work.”
Genova officials stated unforeseen issues kept the company from making strides in reopening the plant.
“We believed we secured the funding on many occasions, only to have the deal sour for one reason or another at the last minute,” Pusateri said in the release.
Reopening the plant has also been slowed by news coverage and what is being said on social media, officials add.
“As customers and suppliers learned of our issues, they became wary of continuing to further our business relationships,” Pusateri said. “Our challenges became public through the frustration of the people involved, which was completely understandable under the circumstances. The unintended consequence of these proclamations made a most difficult job nearly impossible to achieve.”
Genova promises to provide updates as more information becomes available.
Genova opened as a manufacturer of PVC plumbing systems in 1962. It eventually expanded to gutters, fencing, railing and deck flooring.