A chemical maker in Searsport is celebrating employee ownership.
The transition took place for folks working at GAC Chemical Corporation on June 23rd.
We’re told the sale was a collaboration between the company, the Small Business Association, Bar Harbor Bank & Trust, and others.
GAC makes products for water and waste water treatment, as well as chemicals for the food, pharmaceutical, and energy sectors.
“We wanted to keep GAC in Searsport and it was a great way to transition from ownership by our founder to the employees here at GAC,” said President & CEO of GAC Chemical Corporation.
The employees have a real opportunity now to make the company grow and to stay in Maine. I think if it had been sold on the outside it might not have stayed in Maine. It’s just great to have it stay here because it’s a big part of the community,” said District Director of the Small Business Administration Marily Geroux.
The CEO of GAC told us company employs less than 100 people.
By Caitlin Burchill for WABI-TV