Broadwind sells wind tower plant

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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs