MDU Separates from Knife River

by Evelyn Pyburn

MDU Resources Group, Inc. announced that its board of directors has approved a plan to separate its wholly owned construction materials business, Knife River Corporation, from the company. A company press release states that the separation will result in two independent, publicly traded and well-capitalized companies, which the MDU Resources board believes will leave each positioned well for durable growth and shareholder value creation. The separation is expected to be affected as a tax-free spinoff to MDU Resources shareholders and to be completed in 2023.

“We are taking an important step to significantly enhance the value inherent in our businesses by creating two focused, independent publicly traded companies,” said David L. 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’ and Knife River’s proven management teams will be able to more directly focus resources and capital to achieve their respective strategic goals, Goodin said.

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