Windham-based Anania & Associates acquires Jones & Vining manufacturing plant in Lewiston and relaunches it as Polymer Laboratories and Solutions LLC
The Finance Authority of Maine (FAME) recently approved a $500,000 FAME Direct Loan to help facilitate the purchase of the business assets and commercial real estate of the Lewiston division of Jones & Vining. The action will help to create and retain a total of thirty-nine Maine jobs. The 88,000-square-foot plant is located at 765 Webster St. in Lewiston. Operations have been rebranded Polymer Laboratories and Solutions LLC, d/b/a Poly Labs.
In late July of 2020, Jones & Vining notified its customers that it would be closing its Lewiston facility effective September 30, 2020. The closure was reportedly due to recent reduced production activity caused by the COVID-19 pandemic and the closure of some of the company’s customers. An investment group spearheaded by Windham-based Anania & Associates, Polymer Laboratories & Solutions, LLC, will purchase and operate the facility, thereby avoiding company closure and job layoffs, and also allowing the hiring of additional employees.
The deal was made in partnership with FAME, the city of Lewiston’s economic and community development office, individual investors, company management, and several customers, including audio equipment maker Bose Corp. and manufacturer H.F. Staples.
The new company, Poly Labs, will continue to produce self-skinning, flexible, viscoelastic polyurethane foam products and injection-molded thermoplastic rubber (TPR), thermoplastic elastomer (TPE), and thermoplastic urethane (TPU) products for application in sporting equipment, safety equipment, shoes, and medical devices for commercial, individual consumer, and military use.
FAME’s Direct Loan Program provides subordinate or gap financing to businesses affected by their current economic situation. This program helps new or existing business with flexible gap financing directly from FAME.
“This deal squarely satisfies FAME’s mission, especially during a pandemic, of taking increased risk for public benefit in order to save and grow quality Maine jobs,” stated Bruce Wagner, FAME Chief Executive Officer. “In the absence of this transaction, important Lewiston manufacturing jobs could have been lost and the company shuttered. We are pleased to play a role in supporting Maine’s manufacturing industry and the continuation of a company that is producing high-tech products with growth potential.”
“Polymer Labs is grateful for FAME’s support. This financing will enable us to acquire Jones & Vining’s Lewiston facility and keep business operations up and running. We see great potential for retaining existing customers and growing the business, and also for retaining and hopefully expanding the existing workforce that would have been eliminated as a result of the planned closure,” stated Peter Anania, President of Anania & Associates.
Jones & Vining, a family-owned company headquartered in Brockton, Massachusetts, was established in 1930 as a manufacturer of component parts and tooling for the footwear industry. It opened its Lewiston plant in 1985 and added an industrial division to offer foam parts to other industries, including construction/building materials, consumer electronics, medical, furniture and sporting goods.
FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit www.famemaine.com