BISMARCK, N.D., March 13,
2024 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE:
MDU) announced today that its construction services business, MDU
Construction Services Group, Inc., has rebranded to Everus
Construction Group, Inc. in preparation for the planned tax-free
spinoff of the business, expected to be complete late this
year.
MDU Resources announced on Nov. 2,
2023, that it plans to spin off the construction services
business, which will result in two independent, publicly traded
companies.
"Rebranding the construction services business prepares Everus
to be a standalone, publicly traded company, separate from the MDU
ticker symbol," said Nicole A.
Kivisto, president and CEO of MDU Resources. "We continue to
make good progress toward completing the spinoff late this year. We
believe the separation will create value for our shareholders while
positioning both companies for focused growth opportunities."
Everus Construction Group provides a full spectrum of
construction services through its electrical and mechanical, and
transmission and distribution specialty contracting services across
the United States. More
information about Everus can be found at www.everus.com.
"We're very excited about this new identity for our company,"
said Jeffrey S. Thiede, president
and CEO of Everus. "While we remain one of the Top 10 largest
specialty construction services businesses in the country, with the
same focus on safety and our people, our new brand allows us to
better distinguish our business and tell the story of the
outstanding work our team performs across the country for our
customers."
Forward-Looking Statements
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 information
about the planned spinoff of MDU Construction Services Group,
statements by the president and CEO of MDU Resources and the
statements by the president and CEO of Everus, 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, refer to Item 1A — Risk Factors in MDU
Resources' most recent Form 10-K and Form 10-Q and subsequent
filings with the SEC.
About MDU Resources
MDU Resources Group, Inc., a
member of the S&P MidCap 400 index, provides essential products
and services through its regulated energy delivery and construction
services businesses. For more information about MDU Resources,
visit www.mdu.com or contact the Investor Relations Department at
investor@mduresources.com.
About Everus Construction Group
Everus
Construction Group, Inc. provides a full spectrum of construction
services through its electrical and mechanical, and transmission
and distribution specialty contracting services across the United States. These specialty contracting
services are provided to utility, transportation, commercial,
industrial, institutional, renewable and other customers. Its
E&M contracting services include construction and maintenance
of electrical and communication wiring and infrastructure, fire
suppression systems, and mechanical piping and services. Its
T&D contracting services include construction and maintenance
of overhead and underground electrical, gas and communication
infrastructure, as well as manufacturing and distribution of
transmission line construction equipment and tools. For more
information about Everus, visit www.everus.com.
Investor Contact: Brent
Miller, assistant treasurer, 701-530-1730
Media Contact: Laura Lueder, manager of communications
and public relations, 701-530-1095
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SOURCE MDU Resources Group, Inc.