Maine firm moves its HQ to Pease tradeport after successful business courtship by NH
PORTSMOUTH - The lure of lower business costs has drawn a 40-year-old, family-owned business from Bangor, Maine, to the Pease International Tradeport.
P.A.T. Products, an international distributor of specialty chemicals, plastic and raw materials, was actively pursued by the New Hampshire Division of Economic Development.
The company was founded in 1974 by Leo Coyle in Bangor and is now run by his son, Leo Edward Coyle, executive vice-president of the company, who recently relocated to Portsmouth with the new headquarters.
"We moved our headquarters to Portsmouth to be closer to a larger employee base and a not necessarily larger market for us but easier access to transport," Leo Edward Coyle said.
He said being able to travel out of airports in Portland, Manchester or Boston, all within an hour of the tradeport, is much better than flying out of Bangor.
The move is still in process with two employees already working out of the new headquarters at 112 Corporate Drive and two more moving down from Bangor by the end of the summer. Coyle said two additional hires will be made by the end of the year.
In addition to a relief in travel expenses, there were other incentives in coming to New Hampshire, Coyle said.
"Corporate income tax rates are lower in New Hampshire than they are in Maine, personal income tax is lower, in that there is none," Coyle said. "Maine is a wonderful, wonderful place, but it is not a business-friendly state."
He said no one in the 38 years of the company had ever visited from any Maine business development group.
"And we were actively pursued in New Hampshire. So it took a long time, but we're here now, and we're happy with the move so far," Coyle said.
Business is good, and Coyle only expects it to get better as the overall economy improves.
"We sell a lot of raw materials to a lot of different industries and that's how we've survived, and we see things improving in industry as a whole as we move into 2013, so, business is good," Coyle said.
P.A.T. also has satellite offices in Tucson, Ariz. and Cincinnati, Ohio, and will keep the Bangor office open indefinitely.
Coyle said he plans to follow in his father's footsteps and run the business successfully for the next 40 years.