American Performance Polymers, once a beacon of hope in the Great North Woods economy, is now facing a foreclosure auction. The company, located in Colebrook, New Hampshire, received $35 million in federal funding in 2020 and 2021 to ramp up production of medical gloves, a critical need during the COVID-19 pandemic. CEO Rich Renehan had even showcased the company's ambitions to U.S. Senator Jeanne Shaheen during a visit on November 10, 2021, where he outlined plans to double the plant's size and workforce as part of federal efforts to reduce reliance on foreign suppliers [9d8446ba].
However, the company has encountered significant challenges, including a $7.3 million lawsuit and ongoing supply chain issues that have plagued many businesses during the pandemic. These setbacks have culminated in the current foreclosure proceedings, marking a dramatic shift for a company that was once considered a bright spot in the local economy [9d8446ba]. The situation raises concerns about the sustainability of manufacturing ventures that rely heavily on federal support and the ability to navigate unforeseen economic challenges [9d8446ba].