Bangor heat pump manufacturer Hallowell International has gone out of business, and its assets will be auctioned off next month. Hallowell's high-efficiency heating and cooling system, the Acadia, was recognized as a top green product by trade publications, and the company received a state business award in 2009. Since then, however, sales have fallen and customer complaints increased, the paper reported. In February, the company said it cut its full-time staff of 40 to just three, and President Duane Hallowell told the paper he was seeking an investor. The company has not filed for bankruptcy, and McKay told the paper that Hallowell may still attempt to sell the business. Hallowell did not return calls to the paper seeking comment.Northeast Bank requested the auction to liquidate its assets and recover outstanding debt. Hallowell International also owes the city more than $170,000 related to two community development loans of $100,000 awarded to the company in 2006. The company also leased its office space on Hildreth Street from the city.
For the full article please click here.