PRESQUE ISLE – Maine & Maritimes Corporation announced the creation of two subsidiaries and the acquisition of a Canadian-based engineering firm in a statement released Monday, Dec. 1.

“We are pleased to announce the creation of Maine & Maritimes Energy Services Company, a wholly owned U.S. subsidiary, as well as the creation of Maricor Ltd., a wholly owned Canadian subsidiary,” said J. Nick Bayne, president and CEO of Maine & Maritimes Corporation.

“Our new subsidiaries’ business models will bring both economic and correlated social values to the marketplace through a unique, integrated approach to a number of the most pressing issues of our time,” Bayne said.

Maricor Ltd. also acquired Eastcan Consultants, Inc., a full-service mechanical and electrical engineering company with offices in Saint John and Moncton, New Brunswick.

“Its excellent reputation and over 25 years of market experience will enhance our responsive execution capabilities and market reach,” Bayne said of Eastcan Consultants.

The creation of the two subsidiaries is part of Maine & Maritimes Corporation’s diversified portfolio-based growth strategy, according to the statement. The subsidiaries also have announced they are considering acquiring additional engineering companies in both the United States and Canada.

Maine & Maritimes Corporation is traded on the America Stock Exchange (AMEX) under the ticker symbol MAM. It also serves as a holding company for Maine Public Service Company, a transmission and distribution utility service serving northern Maine, and Energy Atlantic, an electric supplier for the state.