Tasman Industries to buy Prime Tanning - leatherbiz: Leading news site Leatherbiz

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Tasman Industries to buy Prime Tanning

04/02/2011
Prime Tanning is close to finding a buyer, reports in the US have said. The tanning company, based in Hartland, Maine, filed for protection against bankruptcy in November. At the start of February, local media began reporting that a buyer had emerged, that a deal was close and that the tannery’s 178 jobs would be saved.

Kentucky-based Tasman Industries is the company that has come forward with a bid, reported to be $6.5 million, to acquire Prime Tanning. A local paper quoted Prime Tanning company president, Paul Larochelle, as saying that the deal could close by the end of the first week in February if the two tanning firms were able to work out some outstanding details.

Tasman Industries runs 12 tanneries in all, with facilities in Iowa, Nebraska, Kentucky and Texas in the US, as well as in Mexico, China and Taiwan. It has more than 300 employees and a combined production capacity of 140,000 hides per week.

To stay in operation during its protection from bankruptcy, the tannery received a court-approved loan of more than $500,000 from the Maine Rural Development Authority. The tannery is the biggest employer in the town of Hartland.



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