GAC Chemical becomes employee-owned as owner makes deal to keep firm in Searsport, Maine.
GAC Chemical isn’t going anywhere. The company will stay intact and in Maine as it transitions into an employee-owned firm. James A. Poure, retiring owner of the Searsport chemical company, opted to sell the business to his employees through an employee stock ownership plan rather than risk an outside buyer breaking up or moving the company, according to an article from the Portland Press Herald.
GAC Chemical manufactures and distributes industrial, specialty and fine chemicals. It operates from a 150-acre facility and rail terminal on the shores of Penobscot Bay in Maine. The U.S. Small Business Association helped usher the transaction along. According to the article, the facility has a history dating back to the 1920s as part of the Summers Fertilizer Company of Baltimore.
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