WINDSOR, Colo., Oct. 24, 2001 – Encorp, Inc., a provider of products and solutions for the power-technology sector, has named Dennis A. Orwig its new chief executive officer.
Orwig, 54, joins Encorp with an extensive track record of building companies into profitable, industry- organizations. Most recently, he served as president and CEO of California-based Catalytica Energy Systems, Inc., a 150-employee company that manufactures pollution-prevention equipment.
Orwig oversaw the startup of Catalytica Energy Systems and then led the business through four years of rapid growth. Under his leadership, the company commercialized a breakthrough pollution-prevention technology for gas turbines and embarked on a corporate strategy that resulted in an IPO and additional new-product developments. Orwig also initiated strategic alliances with such industry- companies as General Electric, Enron, Pratt-Whitney Canada and Kawasaki. Through these alliances, the company raised $80 million for technology research and development programs.
“I am very pleased with the opportunity to lead Encorp through a new phase of product expansion and profitable growth,” Orwig said. “Encorp’s -edge products and services have helped the company establish a strong reputation within the energy-technology sector and have clearly positioned it for accelerated growth. Moreover, Encorp has attracted several of our industry’s most knowledgeable and sophisticated investors who are collectively providing the company with the financial and intellectual resources necessary for long-term success.”
Encorp recently secured an additional $38.1 million in private financing from an investment group led by Ballentine Capital Partners, LLC. A portion of the proceeds from the transaction was used to fund Encorp’s new 80,000-square-foot development, engineering, production and administration facility.
Prior to Catalytica, Orwig served in the president’s office for Elliott Company, which manufactures large-scale capital equipment for the petrochemical, transportation and power industries. Orwig was recruited to turn around the company’s declining financial performance. During his three-year tenure, Elliott’s revenues grew from $250 million to $500 million and profitability returned to shareholder expectations. Orwig also implemented process improvements, which reduced order-to-shipment cycle times and associated operating costs by 50 percent.
From 1985-93, Orwig held key executive positions for Asea Brown Boveri, Ltd. (ABB), one of the world’s largest industrial conglomerates. From 1991-93, he was president and CEO of ABB Power Generation’s Gas and Steam Turbine Business, a $560 million ABB company headquartered in New Jersey. Under his leadership, the company doubled its annual service-business revenue and profitability, increased market share from 10 percent to 30 percent and increased annual sales 40 percent. Orwig also established ABB’s first-ever U.S.-based assembly, test and packaging facility for gas turbines.
Orwig’s background also includes a two-year term as president of ABB U.S.S.R. Business Development, Inc. and terms as senior vice president and vice president for Combustion Engineering Corp.
Orwig earned a master’s in business administration from Duke University in 1992 and two bachelor’s degrees from Miami University in Ohio, one in 1968 and one in 1969.
Orwig replaces Jeff Whitham, the founder of Encorp, who served as president and CEO from 1993 to July 2001.
$38.1 Million Private Placement Completed
As previously mentioned, Encorp completed a $38.1 million private placement of Series D Convertible Preferred Stock. In addition to Ballentine Capital Partners, other new investors include Perseus LLC and Wexford Capital Management. Several existing investors also participated in the transaction, including Craig Drill Capital, Enron North America, Arete Corporation’s Utech Climate Challenge Fund and Micro-Generation Technology Fund and Enstar Management Corp. Banc of America Securities LLC acted as placement agent on the transaction.
Proceeds from the transaction are being used to expand Encorp’s research and development efforts, sales and marketing programs and new production facilities.
Encorp is a technology-driven company focused on addressing the digital economy’s principal power-related issues: power quality, reliability and supply. Encorp designs, develops and manufactures communication, control and grid-interconnection products and services for the global power-quality and distributed-generation markets.
The company has approximately 115 employees at its Windsor, Colo., headquarters and at 10 regional offices across the country. For more information on Encorp products and services, call 1-888-295-4141 or visit www.encorp.com .
