MDU Resources Acquires Prestressed-Concrete Business
BISMARCK, N.D., Feb. 14, 2020 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) announced today it has acquired the assets of Oldcastle Infrastructure Spokane, the Washington-based prestressed-construction business previously owned by Oldcastle Infrastructure.
The Spokane operation produces precast and prestressed concrete components for projects throughout Washington, Idaho and Oregon. It has become part of Knife River Corporation, the construction materials subsidiary of MDU Resources. The acquisition complements and expands Knife River's existing precast/prestressed operations in Oregon, Alaska and the growing Pacific Northwest.
Financial details of the acquisition were not disclosed. MDU Resources anticipates the acquisition will be accretive to earnings per share.
Knife River's Prestress Division, including the new Spokane component, is certified by the Precast/Prestressed Concrete Institute as a best-in-class producer. The division specializes in engineered concrete components for bridges, buildings and stadiums. The 80 Spokane team members have joined Knife River's Northwest Region.
"This is a great fit for us as we continue to grow Knife River and expand our position in the precast/prestressed concrete segment of the construction industry," said David C. Barney, president and CEO of Knife River. "The Spokane group has a good reputation and a respected team, and we look forward to continued success in what has been a strong market for us."
Forward-Looking Statements
The information in this release includes certain forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release, including statements by the president and CEO of Knife River and statements relating to earnings per share accretion, are expressed in good faith and are believed by the company to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. For a discussion of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, refer to Item 1A – Risk Factors in MDU Resources' most recent Form 10-K and Form 10-Q.
About Knife River
Knife River Corporation mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mix concrete, cement, asphalt, liquid asphalt and other value-added products. It also performs integrated construction services. For more information about Knife River or Knife River Prestress, visit the companies' websites at www.kniferiver.com or www.kniferiverprestress.com.
About MDU Resources
MDU Resources Group, Inc., a member of the S&P MidCap 400 index and the S&P High-Yield Dividend Aristocrats index, is Building a Strong America® by providing essential products and services through its regulated energy delivery and construction materials and services businesses. For more information about MDU Resources, see the company's website at www.mdu.com or contact the Investor Relations Department at investor@mduresources.com.
Financial Contact:
Jason Vollmer, vice president, chief financial officer and treasurer, 701-530-1755
Media Contacts:
Tony Spilde, Knife River communications, 541-693-5949
Laura Lueder, MDU Resources manager of communications and public relations, 701-530-1095
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SOURCE MDU Resources Group, Inc.
