The former UBE plant, sitting idle along the 402 for years, has been sold to local investors.
Mayor Mike Bradley made the announcement in his annual state of the city address at the Seaway Kiwanis luncheon Tuesday.
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Mayor Bradley says the new owners will come forward in due course to outline their plans for the site.
No purchase price has been disclosed.
The wheel manufacturing plant was launched with considerable fanfare in 2002 and closed by the Japanese-based UBE Automotive in 2009.