Central Maine manufacturer lays off 70 workers
Midstate Berkshire has laid off 70 employees and plans to consolidate its Waterville plant into its Winslow facility by the end of the year due to a downswing in three crucial markets.
The Kennebec Journal reported that the layoffs represent 30% of the Massachusetts-based company’s 250-person workforce between both communities.
The company was founded in Winslow in the early 1970s as Mid-State Machine Products. It was then merged with a Massachusetts-based company in 2011 and in 2014 was acquired by Texas-based private equity firm Insight Equity Holdings LLC.
Midstate, which made the announcement Thursday, said a decline in the gas, power generation and defense markets caused the layoffs. “The market conditions are severe — we’ve seen a 30% decrease in our key markets over the past year,” the company’s CEO Duane Pekar said in a press release.
Source: Kennebec Journal
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