MDU Resources Group acquires Concrete Materials

By |  October 8, 2018

MDU Resources Group acquired Sweetman Construction Co., a Sioux Falls, South Dakota-based provider of aggregate, asphalt and ready-mix concrete.

Sweetman, which conducts business as Concrete Materials Co., will become part of Knife River Corp. 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.

According to MDU Resources, Sweetman’s vertically integrated business is built on a foundation of about 55 million tons of aggregate reserves. In addition to being an aggregate supplier, 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 rail translating service that provide material delivery to the 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,” says David 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.”

Financial details of the acquisition were not disclosed, and MDU Resources expects the acquisition will be accretive to earnings per share.

MDU Resources, a member of the S&P MidCap 400 index, provides products and services through its regulated energy delivery and construction materials and services businesses. Knife River Corp. mines aggregate and markets crushed stone, sand, gravel and other related construction materials, including ready-mix concrete, cement, asphalt, liquid asphalt and other value-added products.

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