HARTLAND – Irving Tanning Co. of Hartland and Irving Schweizer Asia Ltd. (ISA Limited) have reached an agreement in principle for the termination and settlement of Irving Tanning’s shareholding interests in and commercial relationships with ISA Limited. The tentative agreement is subject to approval of the U.S. Bankruptcy Court in Maine.

Irving Tanning currently is operating its business under Chapter 11 of the U.S. Bankruptcy Code and expects to propose a plan of reorganization and to emerge from Chapter 11 as a revitalized company in the next several months.

In connection with the tentative agreement announced Thursday, ISA will cease to operate under the Irving name and is expected to be known commercially as ISA Limited, a division of Tan Tec.

Irving Tanning, a global supplier of leather for the footwear, accessories and upholstery markets, began its operations in Hartland in 1936. Irving employs about 300 people in Hartland. ISA operates through Guangzhou Tan Tec Leather Ltd., a cooperative joint venture in Guangzhou, China, where it manufactures and processes leather and leather goods. ISA supplies leather to major footwear producers in Asia and currently has about 500 employees in China.