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This is along similar lines to the bio's but for companies that have industry body membership or sponsorship. Many industry bodies allow you to post news and have detailed descriptions where you get a lot of control. These sites are usually authorities on your subject too. I have used these to good effect.

I would recommend using a 301 redirect to the home page as this will pass link juice. If they can be redirected to the specific product category that would be useful.

An alternative would be to still serve up the old page so it results in a 200 code or a 301 to a product suggestion page. Having a products like this suggestion page and or a search for products page would likely convert better than just a blanket 301 redirect to the home page.

Another thing you could do is create an intelligent "catch" page that uses the search parameter (if there is one) or the title of the page referring the site and use that as a parameter for searching your products database and serving up some relevant products.