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Securities and Exchange Commission
Washington, DC 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) - August 21, 1996
Minnesota Power & Light Company
A Minnesota Corporation
Commission File No. 1-3548
IRS Employer Identification No. 41-0418150
30 West Superior Street
Duluth, Minnesota 55802
Telephone - (218) 722-2641
Item 5. Other Events.
On August 21, 1996 Minnesota Power & Light Company (Minnesota Power)
acquired the remaining 17 percent ownership interest of ADESA Corporation
(ADESA) from the ADESA management shareholders. ADESA will also acquire the
remaining outstanding ownership interest in its subsidiary, ADESA Canada. ADESA
is Minnesota Power's automobile auction business segment, which is headquartered
in Indianapolis, Indiana. ADESA owns and operates automobile auction facilities
and performs related services through which used cars and other vehicles are
sold to franchised automobile dealers and licensed used car dealers. Customers
at ADESA's auctions include domestic and foreign auto manufacturers, car
dealers, fleet/lease companies, banks and finance companies.
James P. Hallett, 43, an ADESA Executive Vice President and President
of ADESA's Canadian operations, has been named president and chief executive
officer of ADESA. Hallett is a 1975 graduate of Algonquin College in Ottawa. He
has an extensive background in the automobile industry, founding both the Ottawa
Auto Dealers Exchange and the Greater Halifax Automobile Exchange in 1990, which
subsequently became part of ADESA's network of 21 auto auction service
locations.
Hallett succeeds D. Michael Hockett, 54, former chief executive officer
and founder of ADESA, who is retiring from ADESA and Minnesota Power's Board of
Directors to devote more time to his long-held personal goals. Larry Wechter,
41, former president of ADESA, and three other executives are also leaving ADESA
to pursue other entrepreneurial opportunities.
"Jim Hallett is well respected within the industry and at ADESA," said
Minnesota Power Chairman and Chief Executive Officer, Edwin L. Russell, in a
news release dated August 21, 1996. "This move reflects our confidence in
ADESA's future growth and contribution to Minnesota Power's earnings, and
accelerates our strategic goals for this business segment. ADESA will continue
to focus on operational efficiencies, earnings enhancements and making selective
acquisitions," Russell said.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Minnesota Power & Light Company
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(Registrant)
August 23, 1996 D. G. Gartzke
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D. G. Gartzke
Senior Vice President - Finance
and Chief Financial Officer
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