Defunct North Dakota oilseed plant sold at auctionNORTHWOOD, N.D. (AP) — A defunct oilseed processing plant in eastern North Dakota has been sold through an auction to an undisclosed buyer.
NORTHWOOD, N.D. (AP) — A defunct oilseed processing plant in eastern North Dakota has been sold through an auction to an undisclosed buyer.
Agweek reports that the former Northwood Mills plant sold on Tuesday for $1.1 million. Only a handful of people bid on the plant during the auction in a plant repair shop. The buyer submitted a bid online.
The $10 million plant that once employed about two dozen people opened in 2007 and closed two years later due in part to weak demand for canola oil, and a bank foreclosed.
American Federal Bank senior credit officer Gary Hoots said the bank was hoping for a higher selling price. He said he couldn't comment on the buyer's plans.