Sale of NewWood to Port of Grays Harbor approved
The next step for the Port of Grays Harbor in acquiring the assets of former Satsop Business Park tenant NewWood was taken on Monday when Superior Court Judge Gordon Godfrey approved the sale of the company’s manufacturing assets for $1.3 million.
In November, the Port authorized the purchase with the intent to work with companies to find a new operator for the facility. “We are committed to getting the facility up and running and by purchasing these assets we are in a better position to control our own destiny,” explained Executive Director Gary Nelson.
The sale includes the manufacturing equipment located in a Port-owned building, as well as the intellectual property on the process of turning scrap plastics into usable building material. New Wood Corporation has been in receivership since November 2012. The sale required that all equipment be free of liens and that personal property taxes owed to Grays Harbor County will be paid from the proceeds of the sale.