Maine manufacturer of precision parts lays off 70 workers due to market downturn

Economic Indicators Associated Press

A central Maine manufacturer of precision parts for the aerospace, defense and oil industries is cutting 70 workers and consolidating its Waterville and Winslow facilities.

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Midstate Berkshire, which is based in Westfield, Massachusetts, said the cuts are necessary because of a downturn in the company's key markets and an effort to remain competitive.

CEO Duane Pekar says the company has seen a 30 percent decrease in key markets over the past year.

Pekar said he was confident that with the reductions and other cost-cutting measures, the company will be positioned for growth when market conditions improve.

The company had about 250 workers in Maine.

In January 2014, the company was acquired by a Texas-based private equity firm, Insight Equity Holdings LLC.