LEWISTON – Elmet Technologies, a large local employer and one of the city’s biggest taxpayers, will be sold to a Boston-based acquisitions company for $109 million and stock. Officials said the sale won’t affect jobs or Elmet’s location.

“Absolutely no changes,” said Jack Jensen, president and CEO.

Elmet makes components for specialty lighting products, MP3 players, medical imaging devices and other products. It opened in Lewiston in 1929 with 50 employees and now has about 230.

For years, the company operated as Philips Elmet and manufactured products for Philips Lighting Co., the largest lighting company in the world. That all changed in 2003 when Jensen, a former Philips Elmet executive, bought the company. He renamed it Elmet Technologies, vowing to keep the company in Maine, and perhaps expand.

That growth did begin. The company invested millions into new technology and began working on more high-tech components, including one for a new CAT scan device, Jensen said.

At one point, Elmet’s work force grew to 270. But last year Elmet laid off 30 people, setting its work force back to pre-sale levels, after one of the company’s biggest customers lost a significant account.

Jensen recently decided to put the business up for sale. He said he wanted a buyer with more money, someone who could secure jobs, increase the work force and expand operations.

“We were looking for ways to grow for the future,” he said.

Jensen believes he found that in Harbor Acquisitions Corp.

Harbor has agreed to buy Elmet for almost $109 million in cash and nearly 2.2 million shares of Harbor stock, according to a statement. Elmet stockholders will also be eligible to get payments of up to $28 million if Elmet meets specific earning goals.

As with Elmet’s last sale, this buyer also has close ties with the company. Robert Hanks, an Elmet director, is also Harbor’s chief executive officer.

Jensen and the rest of Elmet’s management team plan to stay in place. The company will add a new vice president for sales and marketing.

The sale is expected to be completed in March, Jensen said. Harbor shareholders must still approve it.

The name Harbor Acquisitions Corp. will be changed to Elmet Technologies Holdings Inc. after the sale goes through.


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