Bangor contractor's assets net $11M
The assets of Bangor contractor Vaughn Thibodeau & Sons were sold at an auction late last month for a total of $11 million.
The company defaulted on multiple loans from Machias Savings Bank for properties from Bangor to Stockton Springs, which the bank seized earlier this year. The auction, held June 24-25, sold off several pieces of real estate and more than $4 million worth of machinery and equipment, according to the Bangor Daily News. Other construction companies operating in Maine purchased some of the company's assets, including Connecticut-based Lane Construction, which bought a concrete plant in Bangor for $510,000 and a Bucksport quarry for $150,000; Pike Industries of Westbrook, which bought an asphalt plant in Hermon for $1.35 million and a quarry in Prospect for $1.6 million; and Sargent Corp. of Stillwater and Hampden, which purchased a concrete plant in Hancock for $825,000. The company's corporate office in Bangor was also sold for $750,000, according to the paper.
In 2009, Vaughn Thibodeau & Sons had 160 employees and annual revenues of $40 million, according to the paper.
Go to the article from the Bangor Daily News >>
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