WEX's groundbreaking statement about Maine
A recent Mainebiz forum asked the question, “Is Maine open for business?”
We were fortunate to have four executives on the panel for whom the answer is 'Yes.'
Not an unqualified yes — for there is room for improvement in Maine — but they've made it work.
The panel was made up of Melissa Smith, president and CEO of WEX Inc.; David Rycyna, CEO of Cirrus Systems Inc.; James Detert, director of U.S. manufacturing for Mölnlycke Health Care; and Kent Peterson, president and CEO of Fluid Imaging Technologies. The moderator was Peter DelGreco, president and CEO of Maine & Co.
One of Maine's most pressing issues is the tight labor market, and the panel said finding skilled workers is an ongoing challenge. Taxes and regulations are hot-button issues, but have to be weighed against other states.
Nonetheless, just a week after the conference, Smith and her team at WEX made a powerful statement about the viability of Maine as a place in which to do business, breaking ground on a new headquarters, to be situated near the waterfront in Portland.
The site, which will open in 2019, will bring 450 WEX workers to the city
Of course, WEX is now based in South Portland, but any city or state would want the headquarters of a public company with more than $1 billion in annual revenue, with sites in some 45 countries. Regions are going bananas trying to recruit Amazon, but with homegrown companies like WEX we already have a base to build on.
WEX made a statement. Maine's vibrant, has a great quality of life and, with the right mindset, can accommodate more business growth.
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