WATERVILLE, Maine (AP) — A central Maine manufacturer of precision parts for the aerospace, defense and oil industries is cutting 70 workers and consolidating its Waterville and Winslow facilities.
Midstate Berkshire, which is based in Westfield, Massachusetts, said the cuts are necessary because of a downturn in the company’s key markets and an effort to remain competitive.
CEO Duane Pekar says the company has seen a 30 percent decrease in key markets over the past year.
Pekar said he was confident that with the reductions and other cost-cutting measures, the company will be positioned for growth when market conditions improve.
The company had about 250 workers in Maine.
In January 2014, the company was acquired by Southlake-based private equity firm, Insight Equity Holdings LLC.