Judge approves sale of NewWood Corporation assets to the Port of Grays Harbor
December 10, 2013 - The next step for the Port of Grays Harbor in acquiring the assets of former Satsop Business Park tenant NewWood Corporation was achieved on Monday when Superior Court Judge Gordon Godfrey approved the sale of the company’s manufacturing assets in the amount of $1.3 million.
The sale includes the manufacturing equipment that is 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.
The Port of Grays Harbor Commission took action in November to authorize the purchase with the intent to work with companies to find a viable 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.
Founded in 1911, the Port of Grays Harbor is one of Washington State’s oldest port districts and Washington’s only deep-water port located directly on the Pacific Ocean. The Port of Grays Harbor operates four deep-water marine terminals, the Westport Marina, Bowerman Airport and
numerous industrial and business parks throughout the region. The addition of Satsop Business Park increases the Port’s properties to more than 1,000 acres of industrial properties and an additional 1,300 acres of sustainably managed forestland. Strategically located midway between Seattle and Portland and less than 1 1⁄2 hours from open sea, the Port of Grays Harbor provides businesses a diverse portfolio of facilities. More information on the Port of Grays Harbor’s facilities and operations is available at portofgraysharbor.com.