MDU Resources Group Acquires Operations of Teevin & Fischer Quarry, LLC
BISMARCK, N.D., April 23, 2018 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) announced today it has acquired the operations of Teevin & Fischer Quarry, LLC, a leading aggregate producer on the north Oregon coast.
Teevin & Fischer will become part of Knife River Corporation, the construction materials subsidiary of MDU Resources. Financial details of the acquisition were not disclosed. MDU Resources anticipates the acquisition will be accretive to 2018 earnings per share. Teevin & Fischer provides crushed rock and gravel to construction and retail customers in the Clatsop County area.
"We are excited to expand into the Northwest Oregon market and are happy to welcome Teevin & Fischer to Knife River," said David C. Barney, Knife River president and CEO. "We have extensive operations in Oregon, and this acquisition is a great strategic fit for us. It also signals that Knife River is in growth mode. Our company was built on strategic acquisitions, and we are looking forward to completing more deals in the right markets. This is an exciting time 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. Although the company believes its expectations are based on reasonable assumptions, actual results may differ materially. 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, visit the company's website at www.kniferiver.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.
Contacts
Financial:
Jason Vollmer, vice president, chief financial officer and treasurer, 701-530-1755
Media:
Tony Spilde, senior public relations representative, 701-530-1061
Laura Lueder, manager of communications and public relations, 701-530-1095
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SOURCE MDU Resources Group, Inc.
