Sapa Extrusions has signed a long-term lease with the Port of Vancouver, finalizing the company’s previously announced plans to bring 100 existing and new jobs to the area, the port announced Tuesday.
The 15-year lease, with two five-year extension options, allows Sapa to lease a 142,800-square foot building at 2001 Kotobuki Way. Sapa will pay the port $47,646 monthly, or $571,752 per year.
To help convince Sapa to move operations from Vancouver, B.C., the port secured an $800,000 loan from the Washington State Community Economic Development Revitalization Board to fund improvements to the building Sapa will occupy. The port will also kick in $500,000 toward improvements.
Sapa plans to launch its Vancouver operation by late August or early September. A subsidiary of Norwegian industrial conglomerate Orkla, Sapa makes aluminum products such as deck railing and bike frames.