BIDDEFORD – The company that hopes to succeed the financially troubled Biddeford Textile mill is closing on a new property on Morin Street and plans to hire another 40 to 50 workers.

Biddeford Blankets announced Tuesday it had closed on an expanded, more modern building in Biddeford’s industrial park.

The Morin Street factory, now home of Yale Cordage, provides a better facility for the manufacturer of electric and conventional blankets, said Hank Jackson, general manager of Biddeford Textile.

Jackson was brought in to manage the plant by Microlife Corp., a Taiwan-based company that is taking over Biddeford Textile. The new company hopes a bankruptcy judge will sign off on the deal early next year.

The company now has 240 employees and will have about 300 once the hiring is completed, Jackson said.

The added jobs reflect what Jackson called reasonable sales forecasts. He said he plans to draw on a pool of skilled union employees who were laid off in February, just before Biddeford Textile filed for bankruptcy protection.

“We’d much rather bring back trained help,” he said, although he was not sure how many former Biddeford Textile employees still are out of work.

While the bankruptcy case caused financial and organizational headaches for Biddeford Textile, the proposed reorganization plan would allow the company to terminate a lease signed through 2012 with Sunbeam Corp., the Florida-based company that holds the majority of the electric blanket market.

A spokeswoman for Sunbeam, which stands to be Biddeford Blanket’s largest competitor, said the current building probably would be put up for sale.

Biddeford Blankets is purchasing the Morin Street building from Yale Cordage, which employs several dozen workers.

The rope maker is looking for a new building because the Morin Street plant is too big, president Tom Yale said.

Biddeford Blankets hopes to receive planning board approval next month for a 77,000-square-foot addition to the 120,000-square-foot Yale Cordage building.