Wind tower manufacturer DMI Industries Inc. will close its plants in Tulsa, Okla. and West Fargo, N.D. The Tulsa plant will close in November and 167 people will be laid off. The plant in West Fargo will close in October and lay off 217 employees.
“The market value for DMI’s assets has been significantly impacted by reduced demand for wind towers due to adverse market conditions affecting the industry, including uncertainty regarding renewal or extension of the Federal Production Tax Credit for investments in renewable energy resources, which is set to expire at the end of 2012,” the company said in a release announcing its second quarter earnings.
Otter Tail Corp., DMI’s parent company, entered an agreement to sell DMI properties to an unnamed metal manufacturer for $20 million, but all employees at the plants are being terminated.