Bangor manufacturer lured to N.H.
A 39-year-old chemical distribution and manufacturing firm founded in Bangor is moving its headquarters to Pease International Tradeport in Portsmouth, N.H., a move the company's founder says will lower the company's business costs.
The Bangor Daily News reported P.A.T. Products is making the move to capitalize on New Hampshire's lower taxes and to be closer to the company's markets.
Leo Coyle, founder and president of the international distributor, told the paper he expects the company will save up to $15,000 a year on airfare by flying out of Boston, Manchester, N.H., and Portland airports.
Coyle told the BDN that New Hampshire did not offer the company any incentives to move. The Union Leader, however, reported that the company was actively pursued by the New Hampshire Division of Economic Development.
That agency announced the company's move in a press release Wednesday, stating the company planned to hire six people for its Portsmouth location.
Coyle, who said he was unaware of the release, told the BDN the company does not have plans to hire six people at the New Hampshire location and that there are no plans for immediate layoffs of its seven Maine-based employees.
He told the paper the company will keep some manufacturing activities in Bangor in the short-term. The Union Leader reported that two employees are already working out of the company's new Portsmouth headquarters.
Most Recent
Most Recent
Comments