Northwest Pipe (NWPX) Announces $14.4M Sale of Denver Real Property
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Northwest Pipe Company (NASDAQ: NWPX) announced it has sold its Denver real property for a purchase price of $14.4 million. The Company will lease the property back from the buyer until December 31, 2016, with two options to extend the lease-back period by 30 days each, in order to conclude production at the facility and complete final shipments. Approximately 20% of the Company's steel water pipe production capacity will be reduced with this sale.
"As the market leader, we have taken out capacity in a market that has been oversupplied for an extended period of time. This action allows us to continue to sharpen our focus on margin over volume," said Scott Montross, Northwest Pipe Company's President and CEO. "The proceeds from this sale will provide us greater financial flexibility for future opportunities in the water and wastewater infrastructure markets."
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