Maine Poly Facility Sold

Hopes that Maine Poly Inc. would someday reopen and hire back its laid-off workers ended earlier this week when a Massachusetts company bought the building in Greene, Maine, at auction.

A separate sale will likely be held for its equipment and machinery.

Town Manager Steve Eldridge, Maine Poly bankruptcy trustee John Turner and others had worked for months to secure a buyer for the building and the contents. “That’s been a major goal of ours – it just wasn’t possible,” Turner said.

Maine Poly Inc. went bankrupt in July with short notice, terminating 123 workers.

Industrial Polymers and Chemicals, a Shrewsbury, Mass., firm, bought the 56,000-square-foot building and surrounding property with a winning bid of $437,500, Eldridge said. The site was valued at $1.2 million by the town. UnitedKingfield Bank held the mortgage on the facility, he said.

IPAC will also pay $35,000 in back property taxes to the town.

Turner said the remaining equipment would likely be sold, dismantled and shipped by Maine Poly’s largest secured creditor. A bankruptcy court hearing on Dec. 12 will determine the next step.

Though it has been nearly six months, Eldridge said he hears from former Maine Poly workers often. Before the shut down, it was the city’s largest employer. “I tell them Maine Poly’s not going to be there. That’s pretty obvious,” he said. Sun Journal (Lewiston, Maine)