DMI Industries to be sold, fate of staff and plant uncertain
Otter Tail Corp. has entered a nonbinding letter of interest to sell, DMI Industries Inc., the wind tower manufacturing company, leaving the future of the plant and its workers uncertain.
The company plans to finish tower production in West Fargo in October and Tulsa, Okla., in November. After that, the potential new owner will assume possession of the plants.
DMI industry employs almost 400 workers between the two locations.
The news came Monday night with the company's second-quarter earnings announcement.
The sale is expected to close before January 3, 2013.
If the deal should fall through, Otter Tail Corp. plans to close DMI's plants in West Fargo and Tulsa and sell DMI's fixed assets after DMI finishes its backlog of orders for 2012.