DMI Industries Inc. sold to Texas companyWEST FARGO, N.D. (AP) — A North Dakota-based wind tower manufacturer is being sold to a company in Texas.
WEST FARGO, N.D. (AP) — A North Dakota-based wind tower manufacturer is being sold to a company in Texas.
Parent Otter Tail Corp. says it is selling DMI Industries Inc. plants, property and equipment in West Fargo; Tulsa, Okla.; and Fort Erie, Ontario, Canada; to Dallas-based Trinity Industries Inc. for $20 million.
The Fort Erie transaction closed on Sept. 6, and the West Fargo and Tulsa transactions are to close in the final two months of the year.
DMI employs 500 people among its three locations, including 216 in West Fargo. Otter Tail did not say how the sale will affect them.
Otter Tail's second-quarter earnings report said there has been a reduced demand for wind towers in part because of uncertainty surrounding the future of a federal tax break for wind energy.