Business as usual at FF dock, lift makerPublished 11:15am Friday, March 1, 2013
After big changes in the past year for Fergus Falls-based ShoreMaster, the maker of waterfront equipment says things are smooth sailing, and the company is looking forward to a profitable year.
“Really nothing has changed in management, our long-time CEO is still Don Hurley is still in charge,” said Kurt Welch, public relations director at ShoreMaster.
In February, ShoreMaster was sold to a Chicago private equity firm for $13 million in cash and an undisclosed amount of working capital.
Welch said the company, which has been downsizing over the past two years, will remain in Fergus Falls and there are no layoffs planned for its 125 employees.
“Back in September 2012 we migrated away from custom design and building of marine components and focused on our core business of pre-engineered marine components including docks and boat lifts,” said Welch.
ShoreMaster transitioned production of its galvanized steel products, including its industry-leading RhinoHoist Floating Boat Lift to its headquarters in Fergus Falls, and discontinued production of its Galva lift and Hydrobike product lines.
“We have a new hydralic lift that came out last April in different capacities including 6000 and 4000, and we’re now finishing production on an 8000 capacity model,” Welch said.
Prior to the sale of the company in February, ShoreMaster closed plants in Missouri and Florida that it earlier acquired from other companies, and a recreational products subsidiary was sold in January 2012. ShoreMaster’s sale price reflects a $4.6 million December write-down in its value.
ShoreMaster was previously owned by Otter Tail Corp., the parent company of Otter Tail Power.
Otter Tail Corp. reported $39 million in 2012 net income from continuing operations, but a $5.3 million loss when discontinued operations, including ShoreMaster, are counted. The company sold a wind tower manufacturing unit and a health services company in 2012, and trucking and food-ingredient businesses in 2011.
“We expect to be very profitable going into the future based on whats happening in the market and pre season sales to dealers,” Welch said.