CORINTH – A local lumber company that closed its doors last month is in the process of being sold.

Ken Eldridge, who previously owned a pack basket manufacturing company in Corinth, is looking to buy the former Corinth Products Co. Inc. and open a wood pellet production facility.

“I think when we finally get it up and going, we’re going to have about 30 full-time jobs to begin with, maybe 40,” Eldridge said Wednesday.

Corinth Products employed 21 people, while Eldridge’s pack basket company had seven or eight workers depending on the economy and the time of year. The businessman said he expects some workers from both companies will be employed at the wood pellet facility.

“We’ve got three or four months of setup to do here,” he said. “I’m spending about 16 hours a day, seven days a week on this project.”

Eldridge had been considering purchasing another building when the Corinth Products facility came up for sale. The agreement is expected to be completed this week.

The Corinth Products owners then will have an auction to remove their machinery, Eldridge said.

“We’re going to start doing our prep work as soon as the money is in hand for them,” he said.

Eldridge already has lined up an overseas market in Italy and Sweden.

“Their gas and oil prices are higher,” he said. “As an incentive, they’re using wood pellets.”

In addition, the plant is expected to provide jobs for loggers and truck drivers, many of whom have been negatively affected by the closure of the Georgia-Pacific Corp. mill.

Eldridge said he expects to have an annual production of 178,000 tons of wood pellets.

“Once it’s all up and all machines are in line … we’ll use over 200,000 tons [of wood] a month,” Eldridge said. “It’s going to be massive.”