Employees Save Biddeford, Maine, Textile Plant

The 370 employees of a Maine textile plant that makes blankets for Sunbeam electric blankets have bought their company from Sunbeam. Sunbeam has undergone radical downsizing in the last year. The Biddeford plan is sole supplier and will continue to be. Employees, who are represented by the textile worker union UNITE, will own one-third of the plant, with one third owned by American Capital Strategies, which engineered the transaction, and one third by a Maine investor.