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 We expect this distribution to be tax free to MDU Resources and its shareholders for U.S. federal income tax purposes. We are sorry, but your computer or network may be sending automated queries. 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. Primary Address. mdu resources group inc. mdu resources. The separation is expected to be effected as a tax-free spinoff to MDU Resources shareholders and to be completed in 2023. Denver CO. An upstream oil and gas company part of the MDU Resources Group family of companies. Shortly after passage of the Public Utility Holding Company Act of 1935 (PUHCA), Heskett reorganized all the gas and electric subsidiaries of Minnesota Northern Power under a new name Montana-Dakota Utilities. When will Knife River shares be distributed? The Electric segment generates, transmits, and distributes electricity in Montana, North Dakota, South Dakota, and Wyoming. MDU Resources Group - Overview, News & Competitors - ZoomInfo J.P. Morgan Securities LLC and PJT Partners are serving as financial advisors for the transaction; Wachtell, Lipton, Rosen & Katz is serving as legal advisor. About Us - Montana-Dakota Utilities Company The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. Updates will be provided as the company moves toward completing the spinoff. [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. 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. How will this impact MDU Resources current quarterly dividend? This category only includes cookies that ensures basic functionalities and security features of the website. MDU Construction Services Group Will shareholders of both companies receive a regular dividend post-spinoff? 7% of MDU Resources employees are Hispanic or Latino. We work underground and overhead in the transmission and distribution industry. We expect Knife River shares to be distributed immediately upon the completion of the spinoff transaction, which we expect to occur during 2023. We build complex, diverse projects for our customers and we're always looking for team members to contribute to our success. 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. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. We're dedicated to providing environmentally friendly and energy-efficient solutions that meet our clients technology and power requirements. Montana-Dakota Utilities Headquarters is located at 400 N. Fourth Street, Bismarck, ND 58501-4092. This website uses cookies to improve your experience while you navigate through the website. 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. 02/24/2023. The forward-looking statements contained in this release, including statements about MDU Resources' goal to create two pure-play public companies, its planned separation of Knife River Corporation and its strategic review of MDU Construction Services Group, are expressed in good faith and are believed by the company to have a reasonable basis. Since its first aggregate company acquisition in 1992, MDU Resources has built Knife River into a leading aggregates-based construction materials business. About Us - Cascade Natural Gas Corporation It is mandatory to procure user consent prior to running these cookies on your website. You also have the option to opt-out of these cookies. Intermountain is a subsidiary of MDU Resources Group, Inc., a multidimensional natural resources enterprise traded on the New York Stock Exchange as "MDU.". Phone: 800-638-3278. MDU Resources Group,Inc., founded in 1924, utilizes natural gas and coal mines. The actual number of shares to be distributed to MDU Resources shareholders will be determined prior to closing, as will the specific transaction structure. The Pipeline and Midstream segment provides natural gas transportation, underground storage, and gathering services primarily in the Rocky Mountain and northern Great Plains regions. Amazing things happen when you're having fun and doing something you love. With approximately 98% of WBI Energys EBITDA coming from regulated business, it is focused on growing this business through pipeline expansion projects. The separation is expected to be effected as a tax-free spinoff to MDU Resources shareholders and to be completed in 2023. The cookies is used to store the user consent for the cookies in the category "Necessary". Enter the location for your project and choose the product youd like. Knife River is always looking for good people to join our team. Recognition Archives - MDU Resources Group Inc. Terry Hildestad donated 1025 1250 W. Century Ave. Bismarck, ND 58501 While logged in and authenticated, you will not be asked to solve any complicated Recaptcha V2 challenges. Zippia gives an in-depth look into the details of MDU Resources, including salaries, political affiliations, employee data, and more, in order to inform job seekers about MDU Resources. By continuing to use this application, you consent to the use of cookies in accordance with our, Behnken named to national Innovation Institute, General foreman puts stop the bleed training into practice, saves mans life, MDU Resources Reports Third Quarter Earnings; Board Authorizes Strategic Review for MDU Construction Services Group, MDU Construction Services Group ranks No. If you are in need of enterprise level search, please consider signing up for a Bizapedia Pro Search account as described on this page. The board and our management team are confident that MDU Resources and Knife River will be best positioned as two focused, independent companies. MDU Resources Group, Inc. Company Profile - Dun & Bradstreet Forward-Looking Statements This cookie is set by GDPR Cookie Consent plugin. Cyber Security Intern - Career Center | University of Southern California It also provides cathodic protection and other energy-related services. 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. Working at MDU Resources Group, Inc.: 8 Reviews - indeed.com Claiming and updating your company profile on Zippia is free and easy. By continuing to use this application, you consent to the use of cookies in accordance with our. 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. Best Companies to Work For in North Dakota, Best Energy Companies to Work For in North Dakota, Best Companies to Work For in Bismarck, ND, Best Energy Companies to Work For in Bismarck, ND, Working At DTE (Detroit Tool & Engineering), Working At Centennial Energy Resources LLC, MDU Resources Heavy Equipment Operator Jobs, MDU Resources Apprentice Electrician Jobs. MDU Resources is headquartered in Bismarck, ND and has 69 office locations located throughout the US. with up to 5 times the number of maximum matches per search vs. non-subscribers. On average, employees at MDU Resources stay with the company for 5.3 years. Enhances MDU Resources strategic focus on regulated utilities, natural gas pipelines and related infrastructure services. MDU Resources Expects Second Quarter Spinoff of Knife River Corp 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. On Nov. 3, MDU Resources announced it was undertaking a strategic review of its construction services business, MDU Construction Services Group, Inc. Tailored capital allocation strategies: Each company will have enhanced flexibility to deploy capital to its specific growth opportunities. It is expected that MDU Resources shareholders will retain their current shares of MDU Resources stock and also receive a pro rata distribution of shares of Knife River stock in a transaction that is expected to be tax free. These cookies will be stored in your browser only with your consent. MDU Resources Group, Inc. | Bismarck ND - Facebook We build complex, diverse projects for our customers and were always looking for team members to contribute to our success. We expect this transaction to create significant value for our shareholders and believe it will enable us to achieve attractive shareholder returns at both companies, Goodin said. Foshay interests this property today comprises Otter Tail Power's Bemidji division), the Eastern Montana Light & Power Company, centered around Sidney and Glendive, Montana, and the Eastern Montana Utilities Co., which was based in Fairview, Montana. Rebecca Dorwart at Mdu Resources Group Inc. MDU Resources company charter does not require a shareholder vote to complete the transaction. Knife River, which provides construction materials and contracting services throughout the western, central and southern United States, also will remain headquartered in Bismarck. 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: In 1997, MDU Resources started its utility services division, which over the years has expanded its construction services offerings and become the MDU Construction Services Group segment. Changes in such assumptions and factors could cause actual future results to differ materially. Knife River Corporation is now among the largest sand and gravel producing companies in the U.S. MDU Resources Group, Inc. All rights reserved. Knife River Separation - MDU Resources Group Inc. Post-spinoff, MDU Resources intends to maintain a policy consistent with its historic practices. 18 Deep, 3Wide, 7Tall 4.5% Sales Tax will be applied For additional information, contact Jack VandeKop @ (605) 340-5256 [12] Knife River Corporation provides construction materials and contracting services, including aggregate, asphalt, building materials, cement, construction services, liquid asphalt, and ready-mix concrete in 17 states. In just the past four years, it has completed 12 acquisitions and increased revenues 23%. I am an MDU Resources shareholder. mdu resources group. How did this transaction come about? 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. Annual Report. To protect our site, we cannot process your request right now. Utilize our advanced search form to filter the search results by Company Name, City, State, Postal Code, The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". 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. MDU Resources is committed to establishing strong capital allocation strategies for each business that align with each businesss long-term goals.