Profile: Otter Tail Corp (OTTR.OQ)
31.21USD
1 Aug 2013
$0.62 (+2.03%)
$30.59
$30.88
$31.25
$30.82
27,146
39,852
$31.86
$22.56
Otter Tail Corporation, incorporated in 1907, is a holding company. Through its subsidiaries, the Company operates in five segments: Electric, Wind Energy, Manufacturing, Construction and Plastics. Electric includes the production, transmission, distribution and sale of electric energy in Minnesota, North Dakota and South Dakota by Otter Tail Power Company (OTP). Wind Energy consists of a steel fabrication company primarily involved in the production of wind towers sold in the United States and Canada, with manufacturing facilities in North Dakota, Oklahoma and an idled plant in Fort Erie, Ontario, Canada. Manufacturing consists of businesses in manufacturing activities, such as contract machining, metal parts stamping and fabrication, and production of waterfront equipment, material and handling trays and horticultural containers. Construction consists of businesses engaged in residential, commercial and industrial electric contracting and construction of fiber optic and electric distribution systems, water, wastewater and heating, ventilation and air conditioning (HVAC) systems primarily in the central United States. Plastics consist of businesses producing polyvinyl chloride (PVC) pipe in the upper Midwest and Southwest regions of the United States. OTP and Otter Tail Energy Services Company (OTESCO) are wholly owned subsidiaries of the Company. In February 2013, it sold all of the assets of ShoreMaster, its waterfront equipment manufacturing business to High Street Capital.
During the year ended December 31, 2011, the Company sold its Food Ingredient Processing business, Idaho Pacific Holdings, Inc. (IPH). During 2011, it also sold E.W. Wylie Corporation, its trucking company, which was included in its Wind Energy segment. On January 18, 2012, it sold the assets of Aviva Sports, Inc., a wholly owned subsidiary of the Company’s waterfront equipment manufacturer that sells a variety of recreational equipment. As of December 31, 2012, the Company's Health Services business segment is classified to be as discontinued operations.
Electric
Electric consists of two businesses: OTP and OTESCO. OTP provides electricity to more than 129,000 customers in a 50,000 square mile area of Minnesota, North Dakota and South Dakota. OTESCO provides technical and engineering services primarily in North Dakota and Minnesota. The Electric segment accounted to 32% of the Company’s total revenues During the year ended December 31, 2011. The territory served by OTP is predominantly agricultural. During 2011, wholesale electric energy kilowatt-hour sales were 12.9% of total kilowatt-hour sales. OTP serves as the lead utility for the Bemidji Project. As of December 31, 2011, OTP had franchises to operate as an electric utility in all but one incorporated municipality that it serves.
Wind Energy
Wind Energy consists of DMI Industries, Inc. (DMI), a steel fabrication company in Fargo, North Dakota, that manufactures wind towers and other heavy metal fabricated products. DMI has manufacturing facilities in West Fargo, North Dakota; Tulsa, Oklahoma, and Fort Erie, Ontario, Canada. The Wind Energy segment accounted for 19% of the Company’s total revenues During 2011. DMI has a wholly owned subsidiary, DMI Canada, Inc., located in Fort Erie, Ontario, Canada. The Fort Erie plant was idled during 2011.
Manufacturing
Manufacturing consists of businesses engaged in activities, such as contract machining, metal parts stamping and fabrication, and production of waterfront equipment, material and handling trays, and horticultural containers. The Manufacturing segment accounted for 21% of the Company’s total revenues during 2011. BTD Manufacturing, Inc. (BTD) is a metal stamping and tool and die manufacturer that provides its services mainly to customers in the Midwest. BTD stamps, fabricates, welds and laser cuts metal components according to manufacturers’ specifications primarily for the recreational vehicle, agricultural, lawn and garden, industrial equipment, health and fitness and enclosure industries. BTD’s wholly owned subsidiary, Miller Welding and Iron Works, Inc., is located in Washington, Illinois, and manufactures and fabricates parts for off-road equipment, mining machinery, oil fields and offshore oil rigs, wind industry components, broadcast antennae and farm equipment, and serves equipment manufacturers in the Peoria, Illinois area and nationwide, including Caterpillar, Komatsu and Gardner Denver.
ShoreMaster, Inc. (ShoreMaster) produces and markets residential and commercial waterfront equipment, ranging from boatlifts and docks to full marina systems that are marketed throughout the United States. ShoreMaster has two wholly owned operating subsidiaries, Galva Foam Marine Industries, Inc., and Shoreline Industries, Inc. ShoreMaster has manufacturing facilities located in Fergus Falls, Minnesota, and St. Augustine, Florida. T. O. Plastics, Inc. (T.O. Plastics) manufactures and sells thermoformed products for the horticulture industry throughout the United States. In addition, T.O. Plastics produces products, such as clamshell packing, blister packs, returnable pallets and handling trays for shipping and storing odd-shaped or difficult-to-handle parts for other industries.
Construction
Construction consists of businesses involved in residential, commercial and industrial electric contracting and construction of fiber optic and electric distribution systems, water, wastewater and HVAC systems primarily in the central United States. The Construction segment accounted for 17% of the Company’s total revenues during 2011. Foley Company provides mechanical and prime contracting services for water and wastewater treatment plants, power generation plants, hospital and pharmaceutical facilities, and other industrial and manufacturing projects across a multi-state service area in the United States. Aevenia, Inc. provides a spectrum of electrical design and construction services for the industrial, commercial and municipal business markets, including government, institutional, utility communications and electric distribution.
Plastics
Plastics consist of businesses producing PVC pipe in the Upper Midwest and Southwest regions of the United States. The Plastics segment accounted to 11% of the Company’s total revenues during 2011. Northern Pipe Products, Inc. manufactures and sells PVC pipe for municipal water, rural water, wastewater, storm drainage systems and other uses in the northern, Midwestern and western regions of the United States, as well as central and western Canada. Production facilities are located in Fargo, North Dakota. Vinyltech Corporation manufactures and sells PVC pipe for municipal water, wastewater, water reclamation systems and other uses in the western, southwestern and south-central regions of the United States. Together these companies have the current capacity to produce approximately 300 million pounds of PVC pipe annually.
Company Address
Otter Tail Corp
215 South Cascade Street,
PO Box 496
FERGUS FALLS MN 56538-0496
P: +1866.4108780
F: +1218.9983165
Company Web Links
| Name | Compensation |
|---|---|
Nathan Partain |
-- |
Edward McIntyre |
2,196,380 |
Kevin Moug |
1,322,970 |
George Koeck |
1,202,430 |
Charles MacFarlane |
1,200,440 |

