Press Release |
DMI Industries Announces Expansion Projects for North Dakota and Oklahoma Facilities
* Reuters is not responsible for the content in this press release.
FARGO, N.D.--(Business Wire)-- DMI Industries, an Otter Tail company, announced today that it will expand its facilities in West Fargo, North Dakota, and near Tulsa, Oklahoma. The expansions will increase capacity by 40% at the West Fargo plant and by 100% at the Oklahoma plant. Once completed, DMI will be the largest wind tower manufacturer in North America. Stefan Nilsson, DMI president, said in a statement at the American Wind Energy Association's WINDPOWER 2008 conference and exhibition, "This announcement is well timed. Customer demand for our facilities for 2009 and 2010 production is so strong that we need to expand to continue to meet market demands." "With multiple locations, DMI is exceptionally well positioned in the high-growth wind energy industry and we enjoy a reputation for outstanding quality and reliability within the industry," added Nilsson. "Our visits with customers at the conference reaffirmed their confidence in our products." For the Oklahoma facility, this approval means an earlier than anticipated activation of phase two of its strategic development plan since acquiring the property less than one year ago. This news closely follows the recent release of the facility's first tower shipment, which took place in mid-May. In addition to increasing capacity, the expansion at West Fargo will streamline the production process through improvements in layout and productivity. It is the first phase of a strategic development plan for this facility, responding to ever-growing customer demand. "Both facilities will begin their projects immediately," said Nilsson. "They will be ready to accommodate 2009 and 2010 production demands. Increasing their capacities also requires an investment of approximately $30 million and the employment of an additional 350 or more skilled workers. That's more good news for the communities of these two facilities." "This investment shows Otter Tail Corporation's commitment to DMI and the opportunity to participate in the growing renewable energy industries," said Chuck Hoge, manufacturing platform vice president at Otter Tail Corporation. "We are proud of DMI and its employees for what they have accomplished and look forward to continued growth and successes. In addition, as work begins on both these expansions, we appreciate the ongoing support of the states and communities where the plants are located." About DMI Industries: DMI is a heavy steel wind tower manufacturer with plants located in North Dakota, Oklahoma and Ontario, Canada. The company also has capabilities to produce equipment for a wide variety of industries, including agricultural processing; ethanol production; oil and gas extraction and processing; and water and waste water processing. For more information, visit www.windtowers.com or www.dmiindustries.com. About Otter Tail Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility, plastics, manufacturing, health services, food ingredient processing, transportation and construction. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota. Forward-looking Statements: Except for historical information, all other information provided in this presentation consists of "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These "forward-looking statements" are subject to risks and uncertainties which could cause actual results to differ materially from those projected, anticipated, or implied. The most significant of these risks and uncertainties are discussed or identified in Otter Tail Corporation's public filings made with the Securities and Exchange Commission. Otter Tail Corporation undertakes no obligation to publicly update or revise any forward-looking statements. PHOTOS AVAILABLE UPON REQUEST DMI Industries Stefan Nilsson, 701-866-5506 President firstname.lastname@example.org or DMI Industries Belinda Forknell, 701-282-6959 x222 Public Relations email@example.com or Otter Tail Corporation Amy Richardson, 701-451-3580 Communications Director firstname.lastname@example.org Copyright Business Wire 2008