V&M subsidiary purchases Indalex property in Girard

VIENNA — V&M Two, the subsidiary of V&M Star is purchasing the former Indalex building in Girard and will pay rent to use the facility’s 11 acres.

V&M will use the land to facilitate construction of its $650 million pipe mill on Martin Luther King Jr. Boulevard in Youngstown.

The Western Reserve Port Authority today approved the purchase of the former Indalex land at a cost of $110,800 and lease of the land to V&M, which is making advance lease payments to the port authority to cover the cost of the purchase.

The former Indalex property is adjacent to the land where the pipe mill is being built.

Rose Ann DeLeon, the port authority’s executive director, said leasing land off of an entity like the port authority instead of owning it is a common practice for V&M.

V&M will use the former mill land for storage of construction equipment used while the new pipe mill is being built, the building for storage of machinery that will be used inside the new pipe mill and the former Indalex offices for administrative needs.

DeLeon said the land lease is for five years, but V&M has indicated its intent to continue to use the land longer than that.

For the complete story, see Wednesday's Vindicator and Vindy.com