CVMR-to-OR deal falls through

A deal announced earlier this year that would have brought as many as 620 new jobs to Oak Ridge will not move forward. Canadian powdered-metal maker CVMR—which stands for Chemical Vapor Metal Refining—announced in March that it would invest $313 million to move its global headquarters and primary operations to the old Theragenics building in Horizon Center Business Park in the Roane County section of Oak Ridge. Company officials reportedly notified the state in September that it would not move forward with its planned relocation. State economic development officials say that the company’s decision was not announced until now because they were still negotiating with CVMR in hopes of changing the company’s mind. Officials remain optimistic that something could be still be worked out to bring the company and its jobs to Tennessee. There has been no official word as to where the negotiations have stalemated. After the company made its announcement in Oak Ridge, amid much fanfare including an appearance by Governor Bill Haslam, the Canadian government began to dangle incentives in the form of tax breaks and tax credits in order to keep CVMR in that country. Again it is unclear if those efforts were part of the breakdown in negotiations. State and local officials say that despite the disappointment of this project falling through, economic development projects often fall apart due to a variety of factors, and that overall the state is doing very well in bringing in new employment opportunities. Last year, Tennessee set a state record for job creation by adding 24,221 jobs and this year, has already surpassed that number by some 500 new positions with about a month left before the end of 2015.