Non-GAAP financial measures are not standardized; therefore, it may not be possible to compare such financial measures with other companies non-GAAP financial measures having the same or similar names. We build complex, diverse projects for our customers and were always looking for team members to contribute to our success. Messages will be read and responded to as soon as. These cookies may capture identifiers such as internet protocol addresses and internet or other electronic network activity information. The words believe, continue, could, expect, anticipate, intends, estimate, forecast, project, should, may, will, would or the negative thereof and similar expressions are intended to identify such forward-looking statements. We work underground and overhead in the transmission and distribution industry. The company's common stock began trading on the New York Stock Exchange under the ticker symbol MDU in 1948. BISMARCK, N.D. Aug. 4, 2022 MDU Resources Group, Inc. (NYSE: MDU) today announced that its board of directors has unanimously approved a plan to separate its wholly owned construction materials business, Knife River Corporation, from the company. The separation will result in two independent, publicly traded and well . The company's principal address . MDU Resources also announced today its second quarter financial results, which can be found on the companys website atwww.mdu.com. We are always looking at our business mix for opportunities to enhance shareholder value. Distinct investment opportunities: Investors will have two compelling investment opportunities and will be able to better assess the value of the two companies based on their respective operational and financial characteristics. If you are in need of enterprise level search, please consider signing up for a Bizapedia Pro Search account as described on this page. After extensive research and analysis, Zippia's data science team found that: 38% of MDU Resources employees are women, while 62% are men. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". No assurance can be given regarding the form that a spinoff transaction may take or the specific terms or timing thereof, or that a spinoff will in fact occur. These cookies may capture identifiers such as internet protocol addresses and internet or other electronic network activity information. We may use cookies and other similar technologies (together "cookies") to offer you a better web browsing experience and analyze usage. MDU Construction Services Group provides market-leading specialty contracting services across the U.S., primarily electrical and mechanical, and transmission and distribution services. Knife River generated $293 million of EBITDA in 2021. These cookies track visitors across websites and collect information to provide customized ads. SEC Filings. Filing Jurisdiction, Entity Type, Registered Agent, File Number, Filing Status, and Business Category. It also offers utility excavation, and mechanical piping and services; and manufactures and distributes transmission line construction equipment and other supplies. The separation is expected to have a number of benefits for MDU Resources and Knife River stakeholders, including: MDU Resources: Regulated Utility and Infrastructure Business Focused on Building a Strong America Register for your account and get started with our industry leading people contacts search engine. Our construction services bring power to communities and neighborhoods across the country. The proposed separation is subject to customary conditions, including final approval by the MDU Resources board of directors, receipt of a tax opinion and, if determined advisable, a private letter ruling from the Internal Revenue Service, and the filing and effectiveness of a Form 10 registration statement with the U.S. Securities and Exchange Commission. The companys utilities provide affordable and reliable electric and natural gas service to 1.2 million customers across eight states. View original content to download multimedia. In the late 1960s, MDU partnered with NWPS and Otter Tail Power in the construction of the Big Stone power plant near Big Stone City, South Dakota. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. MDU Construction Services Group provides a full spectrum of construction solutions, from underground utilities and excavation to electrical, mechanical and fire suppression systems as well as transmission and distribution line construction. It also performs integrated contracting services for most types of aggregate-related construction, including roads, freeways, bridges, residential properties, schools, shopping centers, office buildings and industrial parks. We will diligently work through the separation process to ensure each company is optimized to deliver value for shareholders.. BISMARCK, N.D., Aug. 4, 2022 /PRNewswire/ MDU Resources Group, Inc. (NYSE: MDU) today announced that its board of directors has unanimously approved a plan to separate its wholly owned construction materials business, Knife River Corporation, from the company. What is the strategic rationale for spinning off Knife River? MDU Resources employees are most likely to be members of the Republican Party. Address: 1200 W Century Ave Bismarck, ND, 58503-0911 United States See other locations Phone: Website: www.mdu.com Employees (this site): Actual Employees (all sites): Actual Revenue: $5.68 billion Actual Sales Growth: 2.67% Net Income Growth: -3.09% Assets: $8,910 Fiscal Year End: DEC Year Started: Stock Exchange: NYSE:MDU ESG ranking: Mahmoud Siddig, Joele Frank, Wilkinson Brimmer Katcher, 212-355-4449 The actual number of shares to be distributed to MDU Resources shareholders will be determined prior to completing the spinoff, as will the specific transaction structure. Help us make this company more transparent. Following the planned separation, MDU Resources will remain headquartered in Bismarck, North Dakota, and continue to be the parent company for MDU Resources existing regulated electric and natural gas utilities (Cascade Natural Gas Corp., Intermountain Gas Co., Montana-Dakota Utilities Co.), natural gas pipeline business (WBI Energy, Inc.) and construction services company (MDU Construction Services Group, Inc.). It generated $321 million of EBITDA in 2021. MDU Resources Group, Inc. ( NYSE: MDU) Q4 2022 Earnings Conference Call February 9, 2023 2:00 PM ET Company Participants Jason Vollmer - VP & CFO David Barney - President & CEO, Knife River. The event can be accessed atwww.mdu.com. It generated $169 million of EBITDA in 2021. MDU Resources expects the spinoff of Knife River will be complete in the second quarter of 2023. Have you worked at MDU Resources? MDU Resources has retained J.P. Morgan Securities LLC and PJT Partners as financial advisors and Wachtell, Lipton, Rosen & Katz as legal advisor for the review. This cookie is set by GDPR Cookie Consent plugin. By continuing to use this application, you consent to the use of cookies in accordance with our. MDU Resources Reports Third Quarter Earnings; Knife River Has Record Quarterly Revenue. Further details related to capital structure, governance and other elements of the transaction will be announced at a later date. The national average salary for an employee at MDU Resources Group is $55,677 per year, or $26.77 an hour. The separation is expected to be effected as a tax-free spinoff to MDU Resources shareholders and to be completed in 2023. MDU Resources may also be known as or be related to MDU Resources, MDU Resources Group, MDU Resources Group Inc and MDU Resources Group, Inc. MDU Resources headquarters is in Bismarck, ND. Bachelors Degree in Business or Information Systems or Certification in Business Process Management, Or equivalent combination of education and/or experience, 5+ years in business process analysis or related experience, 3+ years in P&C insurance industry is preferred, Or equivalent combination of education, training, and/or experience, Excellent communication and analytical skills, particularly in providing status updates and providing information to key stakeholders on a regular basis, Work requires the ability to work independently and with minimum supervision, In-depth knowledge in Structured Query Language/Unified Modeling Language or equivalent languages, Knowledge in project management, change management, and organizational savvy, In-depth knowledge in product design, business and IT processes that support effective execution, Ability to effectively communicate business goals, strategies, and/or business problems to provide sound counsel and offer creative solutions, Strong analytical skills, ability to influence without authority, ability to build strong rapport and work collaboratively with others outside of the immediate business function, Ability to negotiate, influence, and compromise, Ability to concurrently manage multiple tasks/projects, with a strong track record of defining and meeting milestones and deadlines, Flexibility to work from anywhere in the United States for most positions, Paid time off (vacation time, sick time, 9 paid Company holidays, volunteer hours), Incentive bonus programs (potential for holiday bonus, referral bonus, and performance-based bonus), Medical, dental, vision, life, and pet insurance, 401 (k) retirement savings plan with company match, Professional and personal development opportunities, Health and wellbeing resources, including free mental wellbeing therapy/coaching sessions, child and eldercare resources, and more. 02/24/2023. Skip to content Skip to main nav. Financial Contact:Jason Vollmer, MDU Resources vice president and chief financial officer, 701-530-1755. For more information about MDU Resources, visit the company's website at www.mdu.com. MDU Construction Services Group The data presented on this page does not represent the view of MDU Resources and its employees or that of Zippia. When will Knife River shares be distributed? Tailored capital allocation strategies: Each company will have enhanced flexibility to deploy capital to its specific growth opportunities. Creates financial and strategic flexibility for each company to focus on core business opportunities. Rebecca Dorwart's peers at other companies are Kris Vosgerau, Craig Walz, Ryan Kuchenski, Shirley Curt, Tom Herman, Curtis Cross, Damien Craig, Karl Jones. The combined utility business has a rate base of $2.8 billion and is expected to make $1.6 billion in capital investments over the next five years. This cookie is set by GDPR Cookie Consent plugin. Rebecca Dorwart has 6 months experience as Human Resources Special Projects Manager. The Pipeline and Midstream segment provides natural gas transportation, underground storage, and gathering services primarily in the Rocky Mountain and northern Great Plains regions. with up to 5 times the number of maximum matches per search vs. non-subscribers. MDU Resources got its start in 1924 as the Minnesota Northern Power Company. MDU Resources will discuss todays separation announcement as well as its second quarter results during a webcast at 8:30 a.m. EDT Aug. 4, 2022. Bismarck, ND 58501-4092, 2023 MDU Construction Services Group, Inc.. All rights reserved. Executive Summary. Since MDU Resources first aggregate company acquisition in 1992, weve built Knife River into a leading aggregates-based construction materials business. Dennis W. Johnson, chair of MDU Resources board, said, The board regularly assesses MDU Resources business, operations and value creation opportunities. With approximately 98% of WBI Energys EBITDA coming from regulated business, it is focused on growing this business through pipeline expansion projects. I am an MDU Resources shareholder. Knife Rivers dividend policy will be determined in the future in a manner consistent with its stated capital allocation strategies. The firm's holdings initially consisted of the electric utility at Cushing, Oklahoma (later sold off to Oklahoma Gas & Electric), Minnesota Electric Light & Power Company, which served the Bemidji, Minnesota area (sold in 1925 to the W.B. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. The most common ethnicity at MDU Resources is White (82%). MDU Resources Group, Inc. is a power company based in Bismarck, ND. No. MDU Construction Services Group has resources across the country to get any job done. The following table provides a reconciliation of consolidated GAAP net income to EBITDA for 2021. MDU Resources is an industry leader with 10,140 employees and an annual revenue of $5.7B that is headquartered in North Dakota. Establishes Knife River as a stand-alone, aggregates-based, vertically integrated construction materials and contracting provider. The MDU Resources board believes Knife River is ready to continue its success as a stand-alone public company and take full advantage of anticipated work resulting from federal infrastructure funding. Join an amazing team that is consistently recognized for our achievements and culture, including our most recent Forbes award of being one of America's Best Midsize Employers for 2023! 02/21/2023. With integrity, create superior shareholder value by expanding upon our expertise to be the supplier of choice in all of our markets while being a safe and great place to work. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Why isnt there a shareholder vote? ESI, Inc. is headquartered in Cincinnati, Ohio, with locations in Dayton, Cleveland and Columbus. The companys management uses the non-GAAP financial measures in conjunction with GAAP results when evaluating the companys operating results internally and calculating compensation packages. MDU Resources is headquartered in Bismarck, ND and has 69 office locations located throughout the US.See if MDU Resources is hiring near you. We may use cookies and other similar technologies (together "cookies") to offer you a better web browsing experience and analyze usage. Here are further demographic highlights of the leadership team: The MDU Resources executive team is 29% female and 71% male. The board and our management team are confident that MDU Resources and Knife River will be best positioned as two focused, independent companies. We also use third-party cookies that help us analyze and understand how you use this website. You also have the option to opt-out of these cookies. [13], 2016 Portland gas explosion - Loy Clark lawsuits, Last edited on 24 December 2022, at 15:11, Public Utility Holding Company Act of 1935, "MDU Resources Announces 2017 Financial Results, Initiates Guidance for 2018", "MDU - Mdu Resources Group Inc Profile | Reuters", "About Loy Clark Construction - Serving the Portland Metro & Washington", "Pipeline at NW 23rd Ave. blast site was not pierced", "Oregon natural gas explosion injures eight, destroys building", "NW 23rd blast: Excavator dug on wrong side of street, caused natural gas explosion, report says", "10 lawsuits filed in aftermath of NW 23rd Ave. explosions", "Portland bagel shop owners sue pipeline company over 2016 explosion that destroyed business", "Cascade Natural Gas Corp. merger completed", "MDU Resources to Acquire Intermountain Gas Company", https://en.wikipedia.org/w/index.php?title=MDU_Resources&oldid=1129292950, This page was last edited on 24 December 2022, at 15:11. These cookies will be stored in your browser only with your consent. The cookie is used to store the user consent for the cookies in the category "Other. You must click the activation link in order to complete your subscription. The company anticipates completing the strategic review in the first half of 2023. Optimized capital structures: Each company will benefit from distinct capital structures and financial policies tailored to their separate business profiles and needs. if the company chooses to hide the private information on their profile from the general public. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. This will also involve communication with the various functional areas and assistance in the development of training programs. Knife River is always looking for good people to join our team. company profile page along with the rest of the general data. 4% of MDU Resources employees are Black or African American. Enter the location for your project and choose the product youd like. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. This site is protected by reCAPTCHA and the Google. We are a nationwide provider of power line and telecommunication wire stringing equipment and related tools. Loading. We believe the spinoff will create many compelling benefits, including: With a successful track record of organic and M&A-driven growth, we have built Knife River into a leading aggregates-based construction materials business. Overall MDU Resources is a great place to work with competitive salaries, leave time and other benefits. Locations 1200 W. Century Ave. Bismarck, ND 58503, US Get directions Employees at MDU Resources Group, Inc. Steve Held Vladimir Terzic Harry Pearce Laura Lueder Manager of Communications and. MDU Resources employees are most likely to be members of the republican party. 79 were here. [7] Additionally, OSHA cited and fined Loy Clark for safety violations as a result of this incident. Knife River: Leading Vertically Integrated Aggregates Producer and Provider of Construction Materials and Contracting Services Focused on Organic and M&A Growth

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