March 10 - Broadwind Energy, an industrial company focused on the wind energy industry, has completed the sale of its Badger Transport subsidiary to BTI Logistics.
Proceeds of the sale include USD1 million cash, a USD1.5 million secured promissory note and 100,000 shares ofBroadwind common stock held by the buyer.
In addition BTI assumed about USD2.9 million of debt and capital leases, plus about USD1.6 million of operating lease obligations.
"In late 2010 we determined that owning a captive logistics company was not core to our operating and growth strategies," said Peter C. Duprey, Broadwind's president and chief executive officer.
"BTI will continue to provide logistics and transport services to our customers from time to time," he added. "The sale of this business will reduce our financial obligations and enable us to focus more closely on our tower, gearing and service offerings for customers in the energy and infrastructure markets."