DEXTER – Fayscott Co., a machine shop that has served this town for 120 years, changed ownership Sept. 14.

Tom West of Limerick confirmed Wednesday that he and his brother, Patrick West, and some other investors had purchased the company, which will be renamed Fayscott LLC. He declined to release the purchase price negotiated with owners Wayne Clukey and Gary Bennett, both of the Dexter area.

West said he and his brother also operate Industrial Actuation Group, a modern, high-speed manufacturing machine shop in Limerick. The company, which is 18 months old, has 30 employees.

Coincidentally, the 100,000-square-foot Dexter plant also has 30 employees, who will be retained under the new ownership. West said both facilities will make grinders and gear-making machines used in the automotive industry, as well as other manufacturing industries, and gearboxes used in gas and oil pipelines, power generation and oil exploration. The company also will continue to do subcontract work.

West said he moved to Maine to open the business because “it’s a place we wanted to live,” despite the state’s regulation, health care, workers’ compensation and high taxation. He said he discussed these problems with Gov. Angus King, who paid the company a visit Wednesday.

“The people here are incredibly capable and, given the right direction and motivation, I’m sure we can have a successful manufacturing company,” West said.

The new owner said he anticipates that sales will increase sharply over the next five years as the product lines are brought onto the market. He also expects the company to add more employees as time progresses.