BISMARCK, N.D., Oct. 4, 2018 /PRNewswire/ -- MDU Resources
Group, Inc. (NYSE: MDU) announced today it has acquired
Sweetman Const. Co., a premier
provider of aggregates, asphalt and ready-mix concrete in the
Sioux Falls, South Dakota,
market.
Sweetman, which does business as Concrete Materials Company,
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 earnings per share.
Sweetman's vertically integrated business is built on a
foundation of approximately 55 million tons of aggregate reserves.
In addition to being a leading supplier of aggregates in the
market, Sweetman's Concrete Materials business operates three
asphalt plants and seven ready-mix plants, with a fleet of 65
ready-mix trucks to serve the area. Sweetman also owns a rail line
and a rail transloading service that provide material delivery to
augment its business in the growing Sioux
Falls market.
"We are excited about moving into Sioux Falls, particularly by bringing such a
highly regarded, well-run business into our Knife River family," said David L. Goodin, president and CEO of MDU
Resources. "Sweetman has been a key player in the area for nearly
90 years. Its team members' relationships and expertise are
important as we look to continue to provide great service
throughout the region."
Sweetman's team of 260 employees will join Knife River's North Central Region, which
operates in Iowa, Minnesota, Nebraska, North
Dakota and South
Dakota.
"Knife River's success has been
built on acquisitions like this one," said David C. Barney, president and CEO of
Knife River. "Sioux Falls has a strong and diverse economy.
The Sweetman companies have a successful history there, and we look
forward to continuing to support construction in Sioux Falls for generations to come."
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. For more information on the Sweetman
companies, visit www.concretematerialscompany.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 Group
manager of communications and public relations, 701-530-1095
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SOURCE MDU Resources Group, Inc.