Port of Grays Harbor purchases NewWood Corp assets at Satsop Business Park
In conjunction, the Commissioners also granted the Executive Director authority to sign a Letter of Intent (LOI) 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 based in Pittsburgh Pennsylvania, which 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.”
“Encouraging the research and development of sustainable products, and getting them to market, is a key component of the Grays Harbor Sustainable Industries Innovation Partnership Zone (GHIPZ) of which the Port is the lead,” explained Alissa Shay, Manager of Business Development at Satsop Business Park. “The opportunity to work with this new partner on this innovative product and see it through commercialization is right in line with the Commissioners’ goals for the GHIPZ. Our hope is that success at this facility will spin into success for other Grays Harbor businesses.”
A component of the Asset Purchase Agreement with Pivotal Solutions 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.
Satsop Business Park, a facility of the Port of Grays Harbor, is less than 2 hours southwest of Seattle and 2 hours north of Portland. Located in scenic Grays Harbor County in Elma, Washington the 1,800 acre mixed-use business and industrial park is approximately 30 minutes from Olympia and the I-5 Corridor. A part of the Grays Harbor Innovation Partnership Zone, it is home to more than 30 businesses, offers 600 acres of developed, pad-ready land and buildings supported by super-sized infrastructure, surrounded by 1,200 acres of sustainable managed forestland.