SHERMAN, Tex. (KXII) -- The MEMC building has sat idle off Highway 75 in Sherman for seven years, but now, things are looking up for the 20-year-old facility.
"It was sold to Finisar, which is a international fiber-optic related corporation headquartered in Sunnyvale, CA," said SEDCO Executive Vice President Frank Gadek.
We're told the building was awarded to Finisar for $20,000,000 through a New York court Tuesday.
"MEMC Southwest built the facility. At the time it was a state of the art 200 millimeter wafer fab," said Gadek.
Those silicone wafers were then used for semiconductors.
MEMC changed it's name to SunEdison back in 2009 and announced they planned to close the Sherman facility in 2011.
Gadek said that was a blow to the city.
"They were an extremely high water user, so there was a considerable loss revenue to the city of Sherman with regard to the water revenue," said Gadek.
The city estimates when both MEMC and Folgers Coffee plants left, the loss of average water use per day was equivalent to 4,000 families moving out.
In 2012, we reported the city approved the third water and sewer rate increase of four percent to make up for the loss of those two plants.
As of right now, Gadek said SEDCO has yet to talk with Finisar.
"We're hopeful that we'll hear something soon and it'll be very positive news for the community in terms of additional investment and job creation."
We've reached out to Finisar for a comment, but have not yet heard back.