Open House, Plant Tour and Ribbon Cutting for new Island Pond Woodworkers Plant to be Held February 15th.

Culminating an effort that began almost as soon as Ethan Allen, Inc. announced the closure of its Island Pond Division in August, 2001, the new plant of a new company, Island Pond Woodworkers, Inc. will be formally opened on February 15th. The new business will manufacture custom furniture and cabinetry. It has secured its first major order, study carrels for Middlebury College and has several other opportunities in various stages of negotiation.
The plant closure idled 125 workers in a town with only 1,300 residents. It was a potentially devastating blow to the economy of an already economically disadvantaged area of Vermont’s Northeast Kingdom. Led by four former Ethan Allen workers, Don Maiolo, Sylvie Ming, Barbara Testut and Bruce Wilkie, who form the management of the new enterprise, the former Island Pond Division workers raised funds and worked tirelessly to promote the idea of a new business that would use their talent for creating fine furniture.
The new business that resulted from this effort will be housed in a new 15,000 square foot plant on Meadow Street in Island Pond built and owned by well-known Chittenden County developer Robert E. (“Bobby”) Miller. Nearly all of the machinery and equipment has now been installed and the new enterprise is ready to start operations in earnest within a few days.
To thank all those who assisted in the financing and establishment of Island Pond Woodworkers, Inc., an open house and dedication ceremony will be held on Saturday, February 15th from 12:00 Noon to 3:00 PM at the plant. A buffet lunch will be served at 12:00 to all invited guests. The ceremony will commence at 1:00 PM with remarks from Senator Leahy and Congressman Bernard Sanders. Governor Douglas will speak and officially dedicate the building. Following this, there will be additional recognitions and awards to those who assisted in the start-up, a ribbon cutting and plant tours. A detailed press release giving a complete history of the project will be distributed at the open house.
The new business will be owned and governed by its employees under a cooperative structure. Equity funds are being provided as preferred stock by Northern Community Investment Corporation of St. Johnsbury.
The employee ownership initiative was inspired and coordinated by the Vermont Employee Ownership Center with the assistance of the Vermont Sustainable Jobs Fund. Feasibility study funding was provided by the Vermont Department of Employment and Training and the US Department of Agriculture, Rural-Development.
Equipment financing is being provided by Community National Bank, Derby, VT and the Vermont Economic Development Authority with the assistance of a Business and Industry Loan Guaranty from the US Department of Agriculture-Rural Development. Additional financing is being provided by Northern Community Investment Corporation utilizing a Community Development Block Grant from the Vermont Agency of Commerce, Department of Housing and Community Affairs awarded through the Town of Brighton.