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8-K - OTTER TAIL CORPORATION 8-K - Otter Tail Corp | a50117989.htm |
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.