BISMARCK, N.D., March 25,
2024 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE:
MDU) announced today that it has submitted a confidential draft
registration statement on Form 10 with the U.S. Securities and
Exchange Commission in connection with the planned spinoff of its
construction services business, Everus Construction Group.
MDU Resources expects the spinoff of Everus Construction Group
to be complete in the fourth quarter of 2024, subject to final
approval by MDU Resources' board of directors. MDU Resources
announced on March 13 that its
construction services business, MDU Construction Services Group,
had been rebranded as Everus Construction Group.
"When the spinoff of the construction services business is
complete late this year, MDU Resources will be a pure-play
regulated energy delivery business," said Nicole A. Kivisto, president and CEO of MDU
Resources. "This will allow MDU Resources and Everus each to focus
on our individual business growth opportunities, which will allow
us to continue to maximize value for shareholders."
MDU Resources had announced Nov. 2,
2023, that it intends to separate its construction services
business as an independent, publicly traded company. With the
initial filing of the Form 10, MDU Resources remains on track to
complete the spinoff of Everus in late 2024.
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 Everus Construction Group, the timing
of the planned spinoff and statements by the president and CEO of
MDU Resources, 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.