Prime Tanning on verge of new owners
4 February 2011The Prime Tanning plant in Hartland, Maine could have a new owner anytime in the next few days. Tasman Industries of Louisville, Kentucky, have bid $6.5 million for the leather tanning operation, the largest employer in Hartland, with 180 employees. Prime Tanning President Paul Larochelle said the sale could close by the week ending February 4, but some details remained to be worked out.
In November, Prime Tanning became Maine's third tannery to file for bankruptcy protection in the past decade. Under Chapter 11, the company reorganised after closing its Berwick plant and selling another plant in Missouri. The company cited liabilities of $10 million. Legal costs relating the their former plant in Missouri are also cited as major reason for the company’s financial situation.
Tasman Indistries, which emerged as a suitor during bankruptcy proceedings, processes 140,000 cattle hides per week at 12 processing facilities around the world.
