Port of Grays Harbor purchases NewWood
The Port of Grays Harbor has announced that they have purchased NewWood, and will be leasing it out, to NewWood.
The Port of Grays Harbor Commissioners made the decision during a special meeting on Tuesday, granting Executive Director Gary Nelson the authority to purchase the facility at the Satsop Business Park for $1.3 million.
NewWood Corporation, which has been in receivership since November 2012, includes equipment that is still located in a Port-owned building. Attempts to find a new owner for the facility had not been successful, but the Port says that this decision may solve both problems.
Port Commission President Chuck Caldwell explained “The facility is the centerpiece of the Satsop Business Park” He says that the reward will be jobs and increased economic opportunities for our area businesses.
The Commissioners also granted the authority to sign a Letter of Intent with NewWood International, LLC, which outlines the terms of a lease and the potential purchase of the equipment and intellectual property.
Not associated in any way with the prior tenant, NewWood International is an affiliate of Triventas, a private investment firm which was presented to the Port Commission in June as a potential operator of the facility.
“This approach is the quickest and best way to get the facility up and running, and creating jobs for the region,” commented Gary Nelson, Executive Director. “We are hopeful Triventas will be a good tenant for the facility and bring it into production again in the shortest amount of time possible. Their commitment to success will be a win for all parties.”
A component of the agreement is that all equipment be free of liens. A benefit of this is that personal property taxes owed to Grays Harbor County will be paid from the proceeds of the sale.