Otter Tail Corporation to Sell DMI Industries' Property, Plant and Equipment to Trinity Industries, Inc.
FARGO, N.D., Sept. 6, 2012 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) announced today it has entered into definitive agreements with Trinity Industries, Inc., based in Dallas, Texas, to sell the property, plant and equipment of DMI Industries in Ft. Erie, Ontario, West Fargo, North Dakota and Tulsa, Oklahoma for $20 million. The Ft. Erie transaction closed on September 6, 2012, and the West Fargo and Tulsa transactions will close in November and December 2012, respectively.
Terms of this transaction are consistent with those disclosed in the August 6th, 2012 release of Otter Tail Corporation's second quarter 2012 earnings. As previously disclosed, Otter Tail Corporation is maintaining the net working capital of approximately $66 million as of June 30, 2012.
About The Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility and energy services company, and infrastructure businesses that include manufacturing, construction and plastics. 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.
The Otter Tail Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4958
About Trinity Industries: Trinity Industries, Inc., headquartered in Dallas, Texas, is a multi-industry company that owns a variety of market-leading businesses which provide products and services to the industrial, energy, transportation, and construction sectors. Trinity reports its financial results in five principal business segments: the Rail Group, the Railcar Leasing and Management Services Group, the Inland Barge Group, the Construction Products Group, and the Energy Equipment Group. For more information, visit: www.trin.net
CONTACT: Media contact: Michael J. Olsen Sr. Vice President of Corporate Communications (701) 451-3580 or (866) 410-8780 Investor contact: Loren Hanson Manager of Investor Relations (218) 739-8481 or (800) 664-1259
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