| Spencer's largest manufacturing company has been sold by Armacell LLC of Mebane, North Carolina, to PAI Partners, a global corporation with over 69,000 employees in over 150 countries, according to its Facebook page.
The operation appears to have been in Spencer for about 70 years.
The old Monarch Rubber Co.'s facility had operated in Spencer for 55 years when, in 2005, it was sold to Armacell LLC, a maker of insulation, specialty foam and other rubber products.
Armacell is currently a leader in engineered industrial foams.
Previously owned by Blackstone, Armacell underwent a $12 million expansion involving moving operations to the industrial park near Spencer.
The companies have hired employees from Roane and Calhoun since inception.
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