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Otter Tail has entered into an agreement with Trinity Industries to sell the property, plant and equipment of DMI Industries in Ft. Erie, Ontario; West Fargo, North Dakota; and Tulsa, Oklahoma, for $20 million. The Ft.Erie transaction closed on September 6, and the West Fargo and Tulsa transactions will close in November and December, respectively.
Terms of this transaction are consistent with those disclosed in the August 6th release of Otter Tail’s second quarter 2012 earnings. As previously disclosed, Otter Tail is maintaining the net working capital of approximately $66 million as of June 30.
For more information, visit ottertail.com.