Broadwind Energy Inc. will sell its idle tower plant in Brandon, S.D. Proceeds from the sale, net of closing costs, totaled about $11.7 million.
During the third quarter of 2011, as part of a planned 600,000 square foot reduction in Broadwind's manufacturing footprint, the Brandon plant was listed for sale. With the completion of this transaction, Broadwind's square-footage reduction totals about 400,000 square feet, or two-thirds of the targeted reduction.
A portion of the proceeds of the sale was used to repay the underlying $3.5 million mortgage balance and the remainder will be available for general corporate purposes.
Broadwind Energy president and CEO Peter Duprey said the sale is a part of the company's business strategy. The company plans to shrink its production footprint in line with expected wind tower demand.
The company operates two other wind tower manufacturing plants.