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Aluminum production to resume at Pennsauken plant

Wednesday, Mar 02, 2022

  An aluminum-products factory that closed during bankruptcy last year is preparing to resume operations under a new owner.

  Two prospective tenants could create some 200 jobs at the former Aluminum Shapes complex in the Delair section of Pennsauken, according to representatives of Velocity Ventures Partners, a real estate investment firm.
  Velocity Ventures bought the 500,000-square-foot complex for $32 million at a bankruptcy auction in November.
  It received approval to resume aluminum production at a planning board meeting on Feb. 22.
  Velocity Ventures owns more than 6 million square feet of industrial space in the South Jersey-Philadelphia region, according to its website. Its holdings include a warehouse facility adjacent to Aluminum Shapes, which Velocity Ventures purchased for $10.1 million in January 2021.
  Aluminum Shapes closed its plant after filing Chapter 11 protection from creditors in August 2021. The company at that time said it would sell off its assets.

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