GREENE, MAINE - Flexible packaging converter Maine Poly Inc. will shut down July 6 because of financial difficulties.
The Greene-based firm has been hit by high resin prices, tough markets and the effects of unforeseen financial problems stemming from its purchase in July 1998 by investment firm JPB Enterprises Inc. of Columbia, Md.
Maine Poly focuses on eight-color printing. Its operations include film extrusion, laminating, converting bags and pouches, pre-press support and digital graphics development. A former part of the company, its anti-static films business based in a separate facility in Greene, was sold in February to the former owners of Maine Poly, Dan Pelletier, the company's human resources manager, said in a June 29 telephone interview.
Maine Poly employs about 120 and still was filling customer orders when Pelletier was interviewed. The graphics division once employed as many as 210. The anti-stat film operation, Purestat Technologies, employs about 40.
Maine Poly said in a news release that it cut costs, tried to boost sales and refinance parts of the operation, and sought additional third-party investors, but none of those attempts could bail out the firm.