BISMARCK, N.D., July 16, 2018 /PRNewswire/ -- MDU Resources
Group, Inc. (NYSE: MDU) announced today it has acquired the
operations of Molalla Redi-Mix and Rock Products, Inc., which
produces ready-mix concrete in Molalla,
Oregon, south of Portland.
Molalla Redi-Mix will become part of Knife River Corporation,
the construction materials subsidiary of MDU Resources. The
acquisition expands Knife River's reach into the growing market
between Portland and Salem, and will be operated out of the
company's Portland Metro office.
Financial details of the acquisition were not disclosed. MDU
Resources anticipates the acquisition will be accretive to 2018
earnings per share.
"Molalla Redi-Mix is a good addition to our Oregon operations, and gives us more
flexibility to serve customers southeast of Portland," said David
C. Barney, Knife River president and CEO. "We are excited to
bring in new team members and to continue to grow our business.
This is our third acquisition this year, and we look forward to
completing more deals throughout our service territory."
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, Knife River—Northwest
director of communications, 541-693-5949
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SOURCE MDU Resources Group, Inc.