Port Commission approves asset recovery process for old NewWood manufacturing equipment

May 2016 - After nearly three years of searching for a viable tenant to utilize the unique manufacturing equipment purchased from NewWood during its receivership, the Port is taking steps to recover their investment. The goal of purchasing the equipment was to attract a manufacturer to the Satsop Business Park in the hopes of providing much needed jobs to the area. Due to difficult market conditions an operator was not found so the Port Commission voted on Tuesday to begin the asset recovery process for the equipment.

Port staff will work with EuroSource, LLC, an industry expert in panel production equipment, to market the equipment to potential users throughout the globe. Doug Moore, Owner of EuroSource, LLC explained, “While the current market is preventing new production startups and expansions, there is an increasing need for replacement parts and equipment among established producers whose equipment has aged and is need to repair and replacement. This is an opportune time to market this type of equipment.”

While the Port talked seriously and even negotiated with a handful of interested parties over the three-year time period, none of the plans came to fruition. With plans to remove the equipment from the large building in motion, Port staff will now focus its efforts on marketing the 256,000 sq. ft. building as a blank slate for a number of possibilities including warehousing and manufacturing.

“While it is unfortunate the equipment wasn’t able to help attract a viable manufacturer to the facility, the Port is confident there are other businesses that are looking for the kind of space and the utilities Satsop has to offer and that we will be successful in attracting business and job creation to the facility,” said Commissioner Chuck Caldwell.

The Satsop Business Park’s panel manufacturing facility sits on a nearly 20 acre site with more than 256,000 square feet of warehouse space. The Port will work with EuroSource, LLC to market and sell the manufacturing equipment inside the building.

Alissa Shay