Northwest Pipe (NWPX) Announces $14.4M Sale of Denver Real Property
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Overseas Shipholding Group (OSG) Approves Previously Announced Spin-Off
- J2 Global (JCOM) Unit Enters Agreement to Acquire Everyday Health (EVDY) in $465M Deal
- Myriad Genetics (MYGN), AmerisourceBergen's (ABC) ION Solutions Enter Cancer Tests, Services Relationship
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Spinoffs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!