It's always a great sign for local economics when a major corporation decides to spend a great deal of money in Maine. That's no exception here.

LignaTerra Global, LLC produces a composite material designed to take the place of building with concrete and steel. The factory in Lincoln will be a 300,000 square foot plant and create about 100 new jobs for the region. This plant had initially made plans to move into the former Great Northern Paper plant in Millinocket, but due to and old $1.5 million unpaid tax bill on the property, cancelled their plans to do so. The new plant will go on a piece of land at the old Lincoln Paper and Tissue.

According to the Bangor Daily News,

It will probably take LignaTerra at least a year to build and open its Lincoln facility and train the people who would run it, according to Brien Walton, the head of a regional economic development agency, Acadia Capital Management II, Inc., that’s helping the town and company complete the project.

The operation will be funded by venture capital firms that are taking advantage of a new federal tax program that’s meant to promote investment in economically depressed parts of the country, according to Nick Holgorsen, LignaTerra’s managing director and co-founding partner.