Fryeburg business expected to create up to 60 new jobs
Hunting Dearborn, a Fryeburg-based manufacturer that makes parts for the oil, aerospace and power generation industries, is expected to create up to 60 jobs in the next five years.
The Maine Department of Economic and Community Development announced the company’s plans on Tuesday, partially crediting a state incentive package for helping with the planned expansion.
Doug Ray, a spokesman for the DECD, told Mainebiz in an email that Hunting Dearborn has qualified for the state’s Pine Tree Development Zone and employment tax increment financing programs as part of its incentive package.
Robert Newton, Hunting Dearborn’s chief financial officer, said in a statement that the incentives “were clearly an essential ingredient in our decision to further invest in Maine,” adding that the company’s plan to expand its Fryeburg facility could begin later this month. The expansion will help the company “meet increased demand for its products and services,” the DECD said.
The Pine Tree Development Zone program allows businesses in certain sectors, including manufacturing, to qualify for various tax cuts when they create “new, quality jobs.” The employment TIF program allows businesses be refunded between 30% and 80% for state withholding taxes “paid by the business for up to 10 years if they plan to create five or more jobs under the program’s first two years.” The reimbursement rate is increased for businesses located within a Pine Tree Development Zone.
Hunting Dearborn, which was acquired by British-based Hunting PLC in 2011, currently employs approximately 250 people. The company has previously been recognized for its employee wellness program, as reported by Mainebiz.
Correction: A previous version of this story incorrectly stated Newton's job title.
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