FARGO, N.D., March 3, 2015 (GLOBE NEWSWIRE) -- Otter Tail Corporation announced today that it has sold the assets of Aevenia, Inc., its energy and electrical construction company, to Primoris AV, Energy and Electrical Construction Company, a Texas corporation. Consideration for the transaction was $25,000,000, subject to adjustments for net plant assets and net working capital. Otter Tail Corporation expects to record a gain on Aevenia's sale.
"Aevenia's sale is another step toward creating just two Otter Tail Corporation platforms—electric and manufacturing," said Chuck MacFarlane, President and COO of Otter Tail Corporation. "Aevenia performed very well in 2014, but we believe the company will do better as part of a larger construction-based company. And we'll do better by focusing our nonutility investment exclusively in manufacturing-based companies, which will allow us to concentrate on businesses that are more alike and strengthen our overall diversified operations."
Aevenia was founded in 1967 and has been an Otter Tail Corporation company since 1992. Under the leadership of President Mike Hanson, Aevenia's 220 employees install, manage, and maintain electrical transmission and distribution lines, substations, fiber optics, underground construction, and urban telecom and power. Learn more at www.aevenia.com.
Otter Tail Corporation (Nasdaq:OTTR) owns diversified operations that include Otter Tail Power Company and manufacturing and infrastructure businesses. Corporate offices are in Fergus Falls, Minnesota, and Fargo, North Dakota. To learn more about Otter Tail Corporation, visit www.ottertail.com.
CONTACT: Media contact: Cris Oehler, Vice President, Corporate Communication 218-739-8297 (office) or 218-531-0099 (cell) Investor contact: Loren Hanson, Manager, Investor Relations 218-739-8481 or 800-664-1259
Source:Otter Tail Corporation