MDU: Knife River spinoff tracking toward second quarter

MDU Resources Group expects the spinoff of Knife River Corp., its construction materials business, to be completed in the second quarter of 2023.

MDU offered details about the separation in a confidential draft registration statement on Form 10 with the U.S. Securities & Exchange Commission.

“Our strategic review of our construction services business also is well underway,” says David Goodin, president and CEO of MDU Resources. “These efforts demonstrate our progress and commitment to move toward our goal of creating two pure-play public companies, with one focused on regulated energy delivery and the other on construction materials.”

Following the split, Knife River will remain headquartered in Bismarck, North Dakota. The company 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.