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W W W. M A I N E B I Z . B I Z 11 A P R I L 3 0 , 2 0 1 8 China and the U.S. extends beyond China's announced plans to impose a 25% tariff on $50 billion of U.S. goods that include soybeans, aircraft and automobiles. China has said implementation of its tariff s on 106 products under 14 categories would be contingent on U.S. actions and whether it imposes tariff s pro- posed by the Trump administration. e U.S. Department of Agriculture's National Agricultural Statistics Service fi eld offi ce in New England reported that Maine potato farmers harvested 48,500 acres in 2017, with sales exceeding $162.3 million. For the July 2016 through June 2017 marketing year, exports of all U.S. potatoes and potato products reached a record $1.76 billion and a record volume level of 1.7 million metric tons, which is 20% of U.S. potato production for the marketing year, according to the U.S. Potato Board. Japan was the largest export market during that period, with Canada a close second. Mexico was third, fol- lowed by Korea and China. N O T E W O R T H Y N O R T H E R N & E A S T E R N Husson University will confer honor- ary doctorates on Peter G. Vigue, chairman of the board of Cianbro Cos., and University of Maine President Susan J. Hunter, who will retire on June 30. The degrees will be conferred at Husson's 119th annual commencement, on May 5 at the Cross Insurance Center in Bangor. Stay informed, engaged and connected with a print + digital subscription to Mainebiz. You'll receive bi-weekly issues, special publications and full online access! F U L L C O N T E N T S O N PA G E 4 F U L L C O N T E N T S O N PA G E 4 F U L L C O N T E N T S O N PA G E 4 S O U T H E R N M A I N E S O U T H E R N M A I N E S O U T H E R N M A I N E F O C U S F O C U S F O C U S Economy Economy Economy motion motion motion $2.00 $2.00 $2.00 July 10, 2017 July 10, 2017 July 10, 2017 VO L . X X I I I N O. X V VO L . X X I I I N O. X V VO L . X X I I I N O. X V www.mainebiz.biz www.mainebiz.biz www.mainebiz.biz Know Maine Business. Or call: 845.267.3008 Subscribe online: mainebiz.biz/knowmainebiz F O C U S F O C U S F O C U S S O U T H E R N M A I N E S O U T H E R N M A I N E S O U T H E R N M A I N E Southern Maine builds Southern Maine builds Southern Maine builds on diverse industries on diverse industries on diverse industries S O U T H E R N M A I N E S O U T H E R N M A I N E S O U T H E R N M A I N E F O C U S F O C U S F O C U S Economy Economy Economy motion motion motion S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 » in in in Economy in Economy Economy Economy in Economy in Economy in Economy Economy Economy in Economy motion in motion motion motion in motion in motion in motion motion motion in motion F U L L C O N T E N T S O N PA G E 4 F O C U S S O U T H E R N M A I N E M U S H RO O M A N D C O N S T R U C T I O N P H O T O S / T I M G R E E N W AY P O R T S M O U T H N AVA L S H I P YA R D P H O T O S / J I M N E U G E R 12 Anchoring Kittery The Portsmouth Naval Shipyard, a major employer in southern Maine, gears up for the future. 16 A real estate surge A shortage of existing homes has contractors scrambling to meet the demand for housing. 19 Ag's next wave? Mushroom growers are cultivating a variety of fungi to keep up with demand from chefs and consumers. Southern Maine builds on diverse industries S O U T H E R N M A I N E F O C U S Economy motion S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 » in $2.00 July 10, 2017 VO L . X X I I I N O. X V www.mainebiz.biz F U L L C O N T E N T S O N PA G E 4 F O C U S S O U T H E R N M A I N E M U S H R O O M A N D C O N S T R U C T I O N P H O T O S / T I M G R E E N WAY P O R T S M O U T H N AVA L S H I P YA R D P H O T O S / J I M N E U G E R 12 Anchoring Kittery The Portsmouth Naval Shipyard, a major employer in southern Maine, gears up for the future. 16 A real estate surge A shortage of existing homes has contractors scrambling to meet the demand for housing. 19 Ag's next wave? Mushroom growers are cultivating a variety of fungi to keep up with demand from chefs and consumers. Southern Maine builds on diverse industries S O U T H E R N M A I N E F O C U S Economy motion S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 » in $2.00 July 10, 2017 VO L . X X I I I N O. X V www.mainebiz.biz WE'VE GOT MAINE* COVERED ALL DAY AND EVERY DAY *with nightly and weekend routes to New Hampshire and Massachusetts with nightly and weekend routes to New Hampshire and Massachusetts WE WANT TO BE YOUR COURIER! FIRST TIME CUSTOMER? Mention this ad for 50% off of your first pick-up and delivery order. of your first pick-up and delivery order. Service and dispatch: 848-7546 Sales and information: 800-427-7547 UnishipCourier.com Rates as low as $15 for same day pickup/delivery B I Z M O N E Y For Vets First Choice, growth is in the DNA B Y P E T E R V A N A L L E N I t seemed like it was only a matter of time before Vets First Choice became a publicly traded company. By year's end, Vets First Corp., as the company will be known, will become part of Henry Schein Animal Health, itself a spinoff of the Fortune 500 company Henry Schein Inc. (Nasdaq: HSIC). Vets First Choice has been on a rocket ship since being launched in 2010 by Benjamin Shaw, the company's CEO, and his dad, David Shaw, founder of IDEXX Laboratories Inc. and chairman of the Vets First Choice (and its successor, Vets First Corp.). The company will remain based in Portland. Vets First Choice has more than 750 employees in the United States and 5,100 veterinary practices on its prescrip- tion-management platform. It continues to grow. Last time it announced its sales, in 2015, its revenue topped $60 million, but that may be a fraction of the current revenue. Last summer, to help fund its growth, the company raised $223 million in venture capital. Ben Shaw was honored by Mainebiz twice in 2015, with the Next Award and as one of Maine's fastest-growing companies. Henry Schein Inc., with headquarters in Melville, N.Y., has operations or affi liates in 34 countries. It reported record sales of $12.5 billion in 2017 and has 22,000 employees and more than 1 million customers around the world. Terms of the Vets First Choice transaction were not disclosed. The transaction was structured as a Reverse Morris Trust, making it tax-free for Henry Schein shareholders for U.S. tax purposes. Henry Schein expects to receive $1 billion to $1.25 billion in cash on a tax-free basis as part of the transaction. It will use the proceeds for general cor- porate purposes, including share repurchases, repayment of indebtedness and acquisition opportunities, according to a news release. The transaction has been unanimously approved by the boards of Henry Schein and Vets First Choice and is expected to close by year's end. "We are early in the life cycle of rapid technological change in the animal health market," Shaw said in a news release. "This merger creates an enhanced value chain that connects the veterinarian, the manufacturer and the pet owner through insights and analytics that will support better clinical and fi nancial outcomes." Buoyed by Buoy Local Bangor Savings Bank purchased the Buoy Local gift card in 2016. There is now a Buoy Local app with features for cardholders and merchants. Buoy Local reports that it has expanded its merchant network in the Bangor and Portland mar- kets, as well as Rockland and Belfast. We are early in the life cycle of We are early in the life cycle of We are early in the life cycle of We are early in the life cycle of We are early in the life cycle of We are early in the life cycle of We are early in the life cycle of We are early in the life cycle of We are early in the life cycle of We are early in the life cycle of We are early in the life cycle of We are early in the life cycle of We are early in the life cycle of We are early in the life cycle of rapid technological change in the rapid technological change in the rapid technological change in the rapid technological change in the rapid technological change in the rapid technological change in the rapid technological change in the rapid technological change in the rapid technological change in the rapid technological change in the rapid technological change in the rapid technological change in the rapid technological change in the animal health market. — Benjamin Shaw CEO, Vets First Choice