Downeast Energy sells division to Hammond
Downeast Energy has sold its building supply business to Hammond Lumber Co. after running the division for nearly 80 years.
As of May 10, Belgrade-based Hammond Lumber will own and operate Downeast Building Supply, which is adjacent to Downeast Energy's headquarters in Brunswick, according to a press release from the company. The sale includes the building supply's retail store, which serves contractors and retail customers, its kitchen showroom and lumberyard. The division's 30-plus employees will all be retained. A sale price was not disclosed. Bill Morrell, vice president of Downeast Energy, said in the release the move gives the company "additional resources to expand our energy business in Maine and New Hampshire."
Downeast Energy officials in 2008 told Mainebiz the building supply division was established in 1931 after Allen Morrell bought Brunswick Coal Co., and that it is responsible for 20% of the company's more than $200 million in annual revenues.
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