Minneapolis-based PW Eagle Inc. has sold its PVC pipe extrusion facility in Phoenix for $2.5 million, a site that has been idled for about two years. Officials did not identify the buyer, but they expect to close the deal in about 60 days.
``We do have a future in Arizona, but not in the near future,'' said Bill Spell, PW's chief executive officer, in the firm's second quarter conference call on Aug. 11. ``I believe that down the road, we'll be able to build a better facility, perhaps cheaper because of various incentives and so on in Arizona and have a better facility than what we have now.''
The move comes after a disappointing second quarter. Publicly held PW reported $85.8 million in sales with a net loss of $852,000. That compares with sales of $76 million on net profit of $3 million for the same period one year ago.
The firm is exploring a variety of other initiatives to further strengthen its balance sheet, Spell said.