Published: 14 August 2012 14 August 2012
Otter Tail Corporation entered into a nonbinding letter of interest in June 2012 to sell the property, plant and equipment of DMI for US$ 20 million, with the corporation retaining DMI's net working capital—approximately US$ 66 million on June 30, 2012.
The transaction is expected to close no later than January 3, 2013. Under the terms of the nonbinding letter of interest, DMI must complete its current backlog of towers ordered for delivery in 2012 before closing can occur. Should the transaction not be completed, the corporation plans to close DMI's plants in West Fargo, North Dakota and Tulsa, Oklahoma and sell DMI's fixed assets, after DMI finishes its backlog of orders for 2012.