BRUNSWICK
Mölnlycke Health Care’s application for a state tax credit has been accepted by Finance Authority of Maine, which will help the Swedish medical products maker complete the process.
The high-tech bandage maker has two sites in Maine, one in Wiscasset and a newlycompleted production and processing plant at Brunswick Landing. Acceptance to the Maine New Markets Capital Investment Program means the new facilities will be eligible to get back up to 39 percent — or $3.9 million — of revenue to be used for reinvestment.
Maine New Markets provides refundable state tax credits to community development entities that reinvest in certain businesses in eligible low-income communities in Maine. The program is modeled after the federal New Markets Tax Credit Program, and is administered by Finance Authority of Maine in cooperation with Maine Revenue Services and the state Department of Economic and Community Development.
Two separate funding agencies have proposed $10 million total investments at Mölnlycke. If the proposed investments occur, the manufacturer will receive a tax credit certificate in the amount of $3.9 million.
Mölnlycke is considered a world leader in the production of advanced wound care dressings. The investments will help the company purchase and install specialized machinery to be used at its Brunswick facility. Ultimately, the transaction is hoped to transfer product manufacturing from Finland to Maine.
In addition to the Mölnlycke, FAME also certified investments planned for a torrefied wood plant in Millinocket during its Aug. 15 board meeting.
Torrefaction is a process that treats wood with microwaves to make it burn more like coal, so both fuels can be used concurrently in the same burner.
FAME is a quasi-independent state agency that helps state residents and companies pursue educational and business opportunities.
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