SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): December 29, 2011
OTTER
TAIL CORPORATION
(Exact
name of registrant as specified in its charter)
Minnesota |
0-53713 |
27-0383995 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
215 South Cascade Street, P.O. Box 496, Fergus Falls, MN |
56538-0496 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (866) 410-8780
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
On December 29, 2011, Otter Tail Corporation completed the sale of its trucking business, E.W. Wylie to Walden Smokey Point, Inc., a holding company based in Dallas, TX for approximately $25.0 million in cash. The proceeds from the sale are expected to be used for general corporate purposes.
Item 9.01 Financial Statement and Exhibits
(d) Exhibits
99.1 Press Release issued December 29, 2011.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
OTTER TAIL CORPORATION |
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Date: |
December 30, 2011 |
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By: |
/s/ George A. Koeck |
George A. Koeck |
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General Counsel & Corporate Secretary |
EXHIBIT INDEX
Exhibit |
Description of Exhibit |
99.1 |
Press release, dated December 29, 2011 |
3
Exhibit 99.1
Otter Tail Corporation Sells E.W. Wylie
Trucking Business sold to Walden Smokey Point, Inc.
December 29, 2011, Fargo, ND
– Otter Tail Corporation today announced it has sold its trucking
business, E.W. Wylie to Walden Smokey Point, Inc., a holding company
based in Dallas, TX. Walden’s operating company, Smokey Point
Distributing, is a leader in flatbed/heavy haul trucking based in the
Pacific Northwest.
E.W Wylie will continue to be operated
independently, with the trucking company headquarters remaining in West
Fargo, ND. “This is a great outcome for both Otter Tail Corporation and
Walden Smokey Point,” said Otter Tail Corporation Interim CEO Edward J.
“Jim” McIntyre. “It is consistent with our stated strategy of realigning
our business portfolio, while also adding value to Walden Smokey Point’s
complementary interests in the transportation field.” Don R. Daseke,
Chief Executive Officer of Walden Smokey Point, Inc., added, “ This
transaction will enable us to leverage the considerable industry
expertise that exists between our flatbed/heavy haul trucking business,
Smokey Point Distributing, and that of E.W. Wylie. Smokey Point and
Wylie will work together to better serve all customers.”
About E. W. Wylie: Founded
in 1938, E.W. Wylie Corporation specializes in flatbed trucking and
trucking logistics. Wylie service lanes run within the 48 contiguous
states as well as Alaska and Canada. Wylie specializes in moving
fabricated steel, agriculture machinery, tubing, construction equipment,
as well as oil gas industry components. Wylie operates from its primary
terminal in West Fargo with other terminals in Denver, CO and Tyler, TX.
About Smokey Point Distributing: Smokey
Point Distributing (SPD) is an established leader in the flatbed/heavy
haul trucking industry. SPD specializes in the handling of large,
irregular and
difficult to transport cargo and aerospace parts, as well as
less-than-truckload (LTL), truckload (TL) and general commodities
transportation. SPD has one of the largest fleets in the nation of
retractable curtain vans in both flatbed and step deck trailers. The
Company was founded in 1979 and currently operates out of a primary
terminal located in Arlington, WA, just north of Seattle with other
terminals in Pomona, CA, Wichita, KS and Charleston, SC.
About Otter Tail Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility and energy services company, wind energy, health services, and infrastructure businesses that include manufacturing, construction and plastics. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.