BISMARCK, N.D., June 10, 2005 (BUSINESS WIRE) — MDU Resources Group Inc. announced that Jefferson State Redi-Mix Inc., Concrete Products Industries Inc., Jefferson State Asphalt Inc., Cherry Creek Aggregate Inc., Allied Concrete Pumping Inc., Keith Hamilton Trucking Inc. and HDP Leasing Inc. have been acquired with a combination of cash and MDU Resources common stock. The companies have been merged into Knife River Corp., the construction materials and mining subsidiary of MDU Resources. Financial details of the merger were not disclosed. MDU Resources anticipates the acquisitions will be accretive to 2005 earnings per share.
The companies are privately held, leading construction materials companies with headquarters in Klamath Falls, Ore. They primarily serve the Klamath Falls market area. The companies have a collective annual revenue of about $6 million.
The Jefferson State companies have operations and services that include ready-mixed concrete, aggregate and asphalt production.
“Jefferson State and its associated companies are a good fit with our existing operations in southern Oregon and the surrounding states,” said Bob Vaughn, Southern Oregon Region manager for Knife River. “The companies’ customers will continue to see outstanding products and services.”
Knife River has companies in 11 states. Among Knife River’s operations in Oregon are Hap Taylor & Sons Inc. with headquarters in Bend, Morse Bros. Inc. with headquarters in Tangent and LTM Inc. with headquarters in Medford. Knife River’s other area operations include Masco Inc. in Boise, Idaho, Norm’s Utility Contractors Inc. in Coeur d’Alene, Idaho, and Baldwin Contracting Co. in Chico, Calif.
About MDU Resources Group [ www.mdu.com ]
MDU Resources Group Inc., a member of the S&P MidCap 400 index, provides value-added natural resource products and related services that are essential to the energy and transportation infrastructure. MDU Resources includes natural gas and oil production, construction materials and mining, domestic and international independent power production, electric and natural gas utilities, natural gas pipelines and energy services, and utility services.
About Knife River Corp [ www.kniferiver.com ]
Knife River Corp. mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mixed concrete, cement, asphalt and other value-added products, as well as performs integrated construction services, in the central and western United States, and in the states of Alaska and Hawaii.