Your behavior appears to be a little unusual. Please verify that you are not a bot.


Knife River splitting from MDU Resources, becoming independent company

By |  August 4, 2022

Knife River Corp Logo

MDU Resources Group plans to separate Knife River Corp., its wholly-owned construction materials business, in a move that will result in two independent, publicly traded companies.

MDU Resources expects the separation to be completed next year, and Knife River will remain headquartered in Bismarck, North Dakota.

Knife River produces and delivers aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mixed concrete and asphalt. It also distributes cement and asphalt oil.

According to MDU Resources, Knife River has more than 1 billion tons of aggregate reserves, 110 ready-mix plants, 50 asphalt plants and a combined 410,000 tons of liquid asphalt and cement storage.

“We are taking an important step to significantly enhance the value inherent in our businesses by creating two focused, independent publicly traded companies,” says David Goodin, president and CEO of MDU Resources. “We are proud of the strong businesses we have built and are confident now is the right time to take this step to best serve our customers, employees, communities and shareholders.”

MDU Resources’ Dennis Johnson says the timing was right to separate Knife River from the parent company.

“Since its first aggregate company acquisition in 1992, MDU Resources has built Knife River into a leading aggregates-based construction materials business,” says Johnson, chair of the MDU Resources board of directors. “The MDU Resources board believes Knife River is ready to continue its success as a standalone public company and take full advantage of anticipated work resulting from federal infrastructure funding. We will diligently work through the separation process to ensure each company is optimized to deliver value for shareholders.”

Featured photo: P&Q Staff

Kevin Yanik

About the Author:

Kevin Yanik is the editor-in-chief of Pit & Quarry magazine. Yanik can be reached at 216-706-3724 or kyanik@northcoastmedia.net.

Comments are closed