Otter Tail sells wind turbine maker DMI
The sale price of DMI's property, plant and equipment was $20 million ...the market value for DMI's assets has been significantly impacted by reduced demand for wind towers due to adverse market conditions affecting the industry.
August 7, 2012
in Fergus Falls Journal
Continuing its recent pattern of shedding non-utility assets, Otter Tail Corporation on Monday announced it will be selling wind tower manufacturer DMI Industries.
The sale price of DMI's property, plant and equipment was $20 million, according to a news release to coincide with the company's second quarter earnings statement.
"Our decision to divest DMI is consistent with the course we've set to optimize our portfolio of companies, reduce risk, and create a more predictable earnings stream to support the dividend and future growth," said Otter Tail Corporation President and CEO Jim McIntyre. "The decision to sell notwithstanding, we are pleased with recent... [continue via Web link]