Mainebiz

V O L . X X V I N O. X X V I N OV E M B E R 2 , 2 0 2 0 6 Home sales — and prices — continue to soar With historically low interest rates and more buyers than sellers, sales of single-family existing homes in Maine increased 22.78% last month compared to September 2019. In addition, the median sales price for homes sold in September 2020 rose 19.56% over September 2019, to $273,500, according to statistics released by Maine Listings. Typically, about 25% of home purchases in Maine are made by out-of-state buyers. at percentage has increased to around 33%. In September 2020, out-of-staters bought 735 homes in Maine, up from 445 a year earlier. N O T E W O R T H Y S T A T E W I D E Gov. Janet Mills and Federal Reserve Bank of Boston President Eric Rosen- gren announced that the Boston Fed and the state of Maine will collaborate to launch the Working Communities Challenge in Maine. The initiative aims to strengthen Maine's rural towns and smaller cities and is backed in part by $2.7 million in donations. The U.S. Department of Agriculture awarded $283,164 for the New Beginning for Wabanaki Students to increase Wabanaki student participation and success at the University of Maine and the University of Maine at Machias. Portland startup gets $75,000 in funding e 2019 "Greenlight Maine Collegiate Challenge" winner is about to start the next chapter of its startup journey as one of six selected participants in a new sports and health tech accelerator pro- gram. KinoTek Inc., a Portland-based developer of a digital health platform that uses computer-vision technology for body-motion assessment, is the only New England member of the program's inaugural class.e leAD Lake Nona Sports & Health Tech Accelerator, as the Orlando, Fla.-based program is officially known, received 442 applications from 42 countries before selecting six to take to the next level. at includes $75,000 in pre-seed funding awarded to each par- ticipant along with an 8% equity stake. B U S I N E S S M A I N E Business news from around the state S T A T E W I D E S O U T H E R N Hammond Lumber expands with acquisition of Belgrade-area sawmill B y R e n e e C o r d e s B e l g r a d e — Amid a home improvement-fueled sales surge during the pandemic, Belgrade-based Hammond Lumber Co. is expanding with the acquisition of a smaller competitor in its own neighborhood. Hammond announced that it has purchased Tukey Brothers, Inc., a sawmill in North Belgrade. Terms were not disclosed, but Hammond Lumber President and CEO Mike Hammond told Mainebiz via email that Tukey had been for sale for two years and had approached Hammond. Hammond, a family-owned company founded in 1953, posted $251 million in sales last year and has more than 800 employees and 21 locations across Maine. Hammond told Mainebiz that the company has seen record-setting sales growth in 2020 due to a surge in home-improvement projects during the pandemic. Asked if Hammond Lumber is seeking further acquisitions, Hammond said the company is always seeking growth opportunities. Hammond plans to operate the Tukey sawmill as its sec- ond lumber manufacturing location. "We have a tremendous amount of respect for the Tukey Brothers company and their long history of serving the com- munity," Hammond said in a news release. "With more than 80 years of family history in the lumber business, the Tukey family is a part of Belgrade's rich his- tory. We knew the Tukey family had plans to retire and felt the timing was right to add members of their team to the Hammond family," he added. Both companies have roots going back decades, and Hammond Lumber is now run by the third generation with the fourth generation working there. In 2018, it acquired Ellsworth-based EBS, with 10 locations and 300 employees. Tukey has eight current employees and three owners. Hammond Lumber said in a news release it has offered jobs to Tukey's current employees. The sawmill is located less than 7 miles from the Hammond headquarters in Belgrade. Hammond is the largest lumber and building materials retailer in Maine and the country's 25th-largest ProSales dealer. Earlier this year, Hammond Lumber was named 2020 ProSales Dealer of the Year, a national award. In an On the Record interview with Mainebiz published in March, Mike Hammond said the award is a testament to Hammond Lumber employees' hard work "as well as a rein- forcement of our corporate initiatives, pursuit of excellence and mission statement of being a customer-centric company." Besides Belgrade, Hammond Lumber has locations in Auburn, Bangor, Bar Harbor, Belfast, Blue Hill, Boothbay Harbor, Brunswick, Bucksport, Calais, Camden, Cherryfield, Ellsworth, Damariscotta, Fairfield, Farmington, Greenville, Machias, Portland, Rockland and Skowhegan. P H O T O / JA S O N PA I G E S M I T H We have a tremendous amount of respect for the Tukey Brothers company and their long history of serving the community. — Mike Hammond Hammond Lumber B R I E F Mike Hammond, president and CEO of Hammond Lumber, which has 21 stores and 800 employees.

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