The new company would operate under the name Aluminum Services Inc.

Precision Coil announced in February 2009 that it would close, stating that the company had been “severely impacted by the current economic recession and, more significantly, by the unprecedented crash of commodities.”

It had used its excess liquidity, according to a press release, and had defaulted on several loans.

The company closed its doors in April 2009, laying off about 100 workers.

Now, though, two companies formed in order to purchase the real estate and equipment — Aluminum Services Inc. and Family Aluminum LLC, both of Morgantown — and represented by Charlotte, N.C.-based investment consulting firm Hayden Harper, have come close to finalizing a deal.

“Getting approval today from the state’s a big step,” said Don Robinson, a partner at Hayden Harper.

“We have the negotiations and the terms; we’re just working through the final loan approval,” Robinson said.

The deal is taking place in two parts, he explained.

“There’s the real estate, and then there’s the deal that was approved today for the equipment,” he said, corresponding to WVEDA documentation of loans of $3.3 million to Aluminum Services, a start-up company that manufactures customized aluminum coils and flat-rolled products, and $1.7 million to real estate holding company Family Aluminum.

The state is providing about half of the total financing, Robinson said, and the investors are working with local banks for working capital and lines of credit.

Robinson said there will be an initial period during which the facility and equipment will be updated, and he hopes the operation will start up in the next three to four months.

The goal is to have 55 employees this year.

“The economy is starting to rebound,” Robinson said when asked whether the market has changed.

“We have a little different operating model,” he said. “The state and local officials have been great to work with and we think it’s the right time to take the opportunity.”