Source: MDU Resources Group Inc., Bismarck, N.D.
The MDU Resources board has scheduled a May 31 distribution of Knife River Holding Co. shares, finalizing a 10-month spinoff process of the concrete, aggregate, cement distribution and construction business from the utilities operator flagship. MDU Resources and Knife River will be independent, New York Stock Exchange-traded companies with distinct investment identities, business operations, customers and geographic markets.
“We started our construction materials business with a single aggregate company acquisition in 1992,” says MDU CEO David Goodin. “We have successfully grown Knife River Corporation in 31 years to be one of the Top 10 sand and gravel producers in the nation, substantial enough to stand on its own as a publicly traded company.”
“We are in this great position because of the hard work of our 5,700 team members and the generations of Knife River employees who helped build our company into what it is today,” adds Knife River CEO Brian Gray. “We have grown our aggregates-based business from a $50 million company in 1992 to $2.5 billion in revenue last year. We are well established, confident about our future, and just getting started.”
Investors will receive one share of Knife River Holding Co. stock for every four MDU Resources shares held as of May 22. Upon completion of the distribution, MDU Resources will continue to trade under its namesake ticker, Knife River under KNF.