The Herald
ARLINGTON — After attracting more than $40 million from outside investors, MicroGreen Polymers, suddenly closed its doors Friday.
The company, which at one point employed more than 100 people, did not respond to voice mail messages and emails on Monday. But the main phone number is answered with a recorded message: “We have ceased operations and are closed until further notice.”
Demand for MicroGreen’s eco-friendly InCycle Cups — insulated disposable cups made from recycled materials — had been booming.
The company, founded in 2002, was supplying cups to several airlines. It had raised $17 million from investors in the past two years to pay for expansions to keep up with orders. Those backers included the Stillaguamish Tribe, and trash and recycling giant Waste Management.
“Our investors expect big things from us — it’s go-time,” MicroGreen CEO Tom Malone said in a statement last year, adding production was running 24/7.
Company executives were talking about expansion in January when Gov. Jay Inslee toured the facility near Highway 9.
One reason for Inslee’s visit was so MicroGreen execs could express support for expanding Highway 531 to make it easier for the company to ship larger volumes from their facility, Inslee spokeswoman Jaime Smith said.
Even an attorney representing MicroGreen in an ongoing lawsuit said he didn’t know the company had closed. The litigation was filed last year by an investment bank that alleges that the company owes it fees from investment money raised in recent years.