Flint Hills Resources, a subsidiary of Koch Industries, announced this week that it will tear down its closed petrochemical plant in Odessa, Texas, despite local efforts to buy and reopen it.
Flint Hills closed the plant last year, saying that reinvestment to modernize the plant didn't make sense in a recession.
The city of Odessa, the Rexene Employees Association and Constellation Capital have all worked to come up with a deal to buy and reopen the more than 50-year-old plant.
But this week, Flint Hills said it was ending such attempts in a letter to Odessa Mayor Larry Melton. The company said it doesn't believe the plant can be economically reopened and that it must be demolished in order not to become an eyesore.
The plant employed 395 people full-time before it closed.