Otter Tail Corporation Settles Antitrust Litigation

Otter Tail Corporation and its subsidiaries, Northern Pipe Products, Inc. and Vinyltech Corporation, have entered into a settlement agreement to resolve claims related to the PVC Pipe Antitrust Litigation. The company will pay an aggregate of $30 million into a settlement fund to resolve all claims asserted by the End-User Purchasers (EUPs) class. This settlement is subject to court approval and will be funded through available cash. Otter Tail Corporation states that this settlement is in its best interests, reducing uncertainty, distraction, and costs associated with protracted litigation, and allowing the company to maintain focus on its business strategy. The company does not admit any wrongdoing or liability. The settlement is not expected to have a material adverse effect on the company’s financial position or liquidity. The ultimate outcome of the litigation remains uncertain, and if the settlement is not finalized, the company intends to continue its defense.