Bismarck-based MDU Resources Group on Thursday announced it has completed the spinoff of construction materials subsidiary Knife River Corp.
Knife River is now an independent, public company on the New York Stock Exchange under ticker symbol KNF. Knife River President and CEO Brian Gray and former President and CEO David Barney rang the opening bell Thursday to mark the occasion.
“This is an exciting day for MDU Resources and Knife River as completing the spinoff of Knife River brings us closer to our goal of becoming two best-in-class, pure-play companies,” David Goodin, president and CEO of MDU Resources, said in a statement. “We expect this strategic shift and spinoff of Knife River to provide long-term value for our stockholders.”
A "pure-play" company refers to one that focuses on only one line of business.
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MDU’s board of directors approved the spinoff last August in a move that was expected to create “significant value” for shareholders, Goodin said at the time.
Knife River, which provides construction materials and contracting services throughout the western, central and southern U.S., will remain headquartered in Bismarck.
The aggregates-based business has grown from a $50 million company in 1992 to a company with $2.5 billion in revenue last year, Gray said in a statement last month. "Aggregate" is a term for construction materials such as sand, gravel and stone.
"This is a very exciting time for us — and we are in this great position because of the hard work of our 5,700 team members and the generations of Knife River employees who helped build our company into what it is today," Gray said.
Meanwhile, MDU also announced last November a plan to review the future of its Construction Services Group Inc. subsidiary. The next steps for Construction Services Group could involve a sale, spin-off or merger, or a combination, Goodin said at the time. The "strategic review" is expected to be complete by the end of June.
MDU Resources continues to focus on becoming a pure-play regulated energy delivery business, which includes electric and natural gas utilities and a natural gas pipeline company. MDU Resources will continue trading under the symbol MDU.
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Knife River Corp. trading on stock exchange after spinoff from MDU - Bismarck Tribune
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