13 Apr Bristol to invest $5 million, add 40 jobs
PORTLAND, Maine – April 12, 2018 – Bristol Seafood, in partnership with the Maine Technology Institute, will invest nearly $5 million in its Portland, Maine processing facility over the next three years. The investment is made possible through a grant of over $740 thousand from the Maine Technology Asset Fund, with the company funding the balance.
New projects undertaken as a direct result of this investment are expected to add over 40 jobs, and the capabilities added to its processing facility will provide critical and necessary infrastructure to the Portland Fish Pier.
“We are proud to partner with MTI. Through this grant and our substantial investment, we will bring seafood products made to our uncompromising Maine standards to more consumers, create quality jobs for Mainers, and bring new processing technologies and capabilities to the local waterfront,” said Bristol’s President & CEO, Peter Handy.
Bill Needelman, Waterfront Coordinator for the City of Portland noted, “For nearly three decades, Bristol Seafood has been an anchor of the seafood industry on the Portland Fish Pier. With this investment, we look forward to the next thirty years.”
For information about starting a career at Bristol, visit www.bristolseafood.com/careers.
About Bristol Seafood
Bristol Seafood is on a mission to make seafood America’s favorite protein. Since its founding in 1992 on the waterfront in Portland, Maine, the company built a nationwide following for its steadfast adherence to its uncompromising Maine standards. Bristol is committed to sustainable business practices and is the first to earn a Fair Trade certification for seafood harvested in US waters. Also, the company is certified to the MSC’s chain of custody standard and operates an SQF certified processing plant. In 2017, Bristol reported record sales for the third consecutive year and received Portland’s Business of the Year award.
About Maine Technology Institute
MTI is a publicly financed, private, nonprofit organization created by the Legislature in 1999 to stimulate research and development activity leading to the commercialization of new products, processes, and services in the state’s seven targeted technology sectors. MTI programs are either loans, equity investments, or grants designed to enhance the competitive position of those sectors and increase the likelihood that one or more of these sectors will support clusters of industrial activity and create quality jobs across Maine.
About Maine Technology Asset Fund
The Maine Technology Asset Fund (MTAF) is a state-approved bond fund investment in research, development and commercialization in the State to be used for infrastructure, equipment and technology upgrades that enable organizations to gain and hold market share, to increase revenues and to expand employment or preserve jobs for Maine people, to be awarded through a competitive process to Maine-based public and private entities, leveraging other funds in a one-to-one ratio For more information about MTAF, please visit www.mainetechnology.org/MTAF2.
About Portland Economic Development Department
The Economic Development Department (EDD) is focused on cultivating a healthy and vibrant economic climate in the City of Portland. We strive to maintain and grow a diversified tax base that supports strong employment opportunities while positioning Portland to compete in the global marketplace.