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September 14, 2007

Maine & Maritimes restructuring underway

Maine & Maritimes Corporation recently announced a corporate reshuffling that company officials say will lead to a "much simpler" business model.

The Presque Isle-based company, which has subsidiaries dealing in areas from electricity distribution to real estate, said it would reorganize to concentrate solely on its utility business. Some senior management positions are being cut as the company reforms into two divisions: operations and finance.

The reorganization is part of a board of directors' mandate from last year to exit all non-utility unregulated businesses, including its real estate, technology and engineering ventures. Richard Daigle, chairman of the board, said Maine & Maritimes was "on track" to shed its other divisions by the end of the year.

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