Nebraska wind tower company sells assets

AP News
Posted: Oct 27, 2010 12:52 PM
Nebraska wind tower company sells assets

The assets and ideas of a Nebraska-based wind tower company have been bought by newly formed partnership that includes a Mexican manufacturer.

Terms of the Northstar Wind Towers assets sale to Taller Wind Towers, LLC, were not disclosed.

Northstar President Jeffrey Willis said Wednesday that Taller Wind incorporated in Delaware and described it as a partnership of Grupo Verzatec, S.A. de C.V., of Monterrey, Mexico, and Northstar Endeavors, LLC. Northstar Endeavors and another investor owned Northstar Wind Towers and agreed to the sale, Willis said.

He said Northstar Wind Towers will be dissolved.

Taller Wind is doing business as Northstar Wind, Willis said, and will continue to be based in Blair. Northstar has six employees and hopes to reach 8 to 10 by year's end, he said.

A Taller Wind Towers question-and-answer sheet said Northstar Wind Towers realized that it needed a strong manufacturer to take its modular tower design to market.

"Verzatec has the vision and desire to enter the wind industry, and this made for a good partnership," Taller Wind Towers said.

Northstar is having a 23-meter prototype modular tower built near its Blair offices and, next year, plans to erect a 100-meter-tall demonstration tower at one of three sites. One of the sites is in Nebraska, one is elsewhere in the U.S. and one is in Canada, Willis said. He wouldn't provide more location details.

Northstar plans to open a plant in 2012, but Willis said whether it would be in Nebraska, the U.S. or outside the country had not been decided.

Taller Wind Towers described Verzatec as a spinoff from Grupo IMSA, which was founded in Mexico by two families in 1939.

On its website, Verzatec says it produces fiberglass-reinforced plastic products and makes steel towers and other steel products for road construction. It has nearly 1,100 employees.

Verzatec has Mexican plants near Monterrey and Mexico City; U.S. plants in Louisville, Ky., and Moscow, Tenn.; and a Spanish plant in Barcelona.

(This version corrects the company's name in 5th paragraph to Northstar Wind, instead of Northstar Wind Towers.)