The Washington state Port of Vancouver has renegotiated a new five year lease with long-time tenant Trimac Panel Products. The plywood products manufacturing firm, headquartered in Portland, Oregon, has been a tenant at the port for 20 years.
The new five year lease will be based on the firm's gross sales revenue per quarter, a deal worked out with the port to alleviate some financial pressure on the firm, which as a producer of high-end laminated and liquid finished panels for construction customers around the world, was stung hard by the collapse of the global housing markets.
Under the new deal with the port, Trimac will pay $31,000 per month, according to the The Columbian newspaper, with the amount rising to $3 million per quarter if sales increase.