Trinity Industries, Inc. Reaches Agreement to Acquire Certain Assets of DMI Industries, Inc.
Trinity Industries, Inc. (NYSE: TRN) announced today that it has entered into definitive agreements with Otter Tail Corporation to purchase certain property, plant and equipment of DMI Industries, Inc. for a purchase price of approximately $20 million. The assets to be acquired consist primarily of approximately 665,000 square feet of heavy manufacturing capacity and equipment located in North Dakota, Oklahoma, and Ontario, Canada. The Ontario facility acquisition closed today. Trinity will take possession of the property, plant, and equipment in the remaining facilities in two separate closings which are both expected to close in the fourth quarter.
“I am pleased with this opportunity to expand our manufacturing capacity at a very attractive valuation,” said Timothy R. Wallace, Trinity's Chairman, CEO and President. “These facilities are capable of producing many of the products Trinity currently manufactures, which will serve to further enhance our overall manufacturing flexibility.”
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.
Trinity Industries, Inc.
Jessica Greiner, 214-631-4420
Director of Investor Relations