- Associated Press - Thursday, January 29, 2015

LEWISTON, Maine (AP) - A Maine investment group is buying Elmet Technologies, a Lewiston-based manufacturer.

The Sun Journal (https://bit.ly/15TMtS4 ) reports the buyers are a Maine investment firm, seven members of Elmet’s management team and the Maine Technology Institute. The company has operated in Lewiston since 1929 and works with molybdenum and tungsten for the lighting, semiconductor, medical and energy industries. The company announced the deal on Tuesday.

Anania & Associates Investments Company of Windham is the new majority shareholder. Firm head Peter Anania says Elmet “has the largest back-order its ever had right now.”

Parties did not disclose the price of the sale. Anania says Maine Technology Institute invested $1 million toward research and development.

Elmet laid off 33 hourly and salaried workers last week.

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