Philip Morris site awaits a broker: Today marks a year since cigarette maker announced closing

CONCORD, Jun 26, 2008 (Independent Tribune - McClatchy-Tribune Information Services via COMTEX) -- MO | Quote | Chart | News | PowerRating -- As today marks a year since Philip Morris USA announced it would close its Concord cigarette manufacturing plant by the end of 2010, officials are still hopeful the future development of the site will help to balance the loss.

"The shock has worn off," said Concord Mayor Scott Padgett. "And we are focusing on the future and how that could be used to benefit Concord. Our focus remains to partner with Philip Morris to find a way to use that land to produce jobs for our residents."

The decision to consolidate all U.S. manufacturing to Philip Morris headquarters in Richmond, Va., will affect an estimated 2,500 employees.

Already, some equipment and salaried employees have been moved from the site.

In early April, Philip Morris officials said they expected to decide on a broker to oversee marketing of the property by May.

However, the company has yet to announce a decision.

A Philip Morris spokesperson said Wednesday there were no decisions as to the sale of the site and no updates as to employee relocation.

In April, Philip Morris spokeswoman Paige Magness said the company will market the entire 2,100-acre Philip Morris property, including the still-in-operation manufacturing site.

Also in April, Magness said the "request for proposal" from a broker did not address how the site would be sold, just who would market the site.

Immediately after the June 2007 announcement, officials highlighted the importance of the development of the site, stressing that its industrial-use zoning would be a key factor.

Leaders said a strong company -- or companies -- moving to the site could help balance the local tax loss that will be felt upon Philip Morris' exit.

If the site were to sell prior to the close of the plant, Magness said in April, the company could lease the manufacturing plant from the purchaser.

John Cox, CEO of the Cabarrus Economic Development Corp. and the Cabarrus Regional Chamber of Commerce, also said he has not heard about any decisions from the company as to the marketing or sale of the property.

--Contact Eric C. Deines: 704-789-9141

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