LONDON, UK / ACCESSWIRE / July 18, 2018 / If you want access to our free research report on MDU Resources Group, Inc. (NYSE: MDU) ("MDU Resources"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MDU as the Company's latest news hit the wire. On July 16, 2018, the Company announced that it has acquired the operations of Molalla Redi-Mix and Rock Products, Inc., which is the producer of ready-mix concrete in Molalla, Oregon, south of Portland. The financial details of the transaction remained undisclosed. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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- Following the acquisition, Molalla Redi-Mix will become part of Knife River Corp., which is the construction materials subsidiary of MDU Resources.
- The acquisition expands Knife River's reach into the growing market between Portland and Salem and will be operated out of the Company's Portland Metro office.
- The acquisition is anticipated to be accretive to the Company's earnings per share (EPS) for 2018.
Molalla Redi-Mix Gives Knife River More Flexibility to Serve Customers Southeast of Portland
Commenting on the acquisition, David C. Barney, President and Chief Executive Officer (CEO) of Knife River, stated that Molalla Redi-Mix is a good addition to the Company's Oregon operations, and gives it more flexibility to serve customers southeast of Portland. Barney added that the Company is happy to bring in new team members and to continue to grow its business. This is Knife River's third acquisition in 2018, and it looks forward to completing more deals throughout its service territory.
MDU Resources' Acquisition Deals in 2018
On March 01, 2018, a division of MDU Resources, Montana-Dakota Utilities Co., signed an agreement to purchase a North Dakota wind farm expansion to be developed by ALLETE Clean Energy ("ACE"), which is a subsidiary of ALLETE, Inc. The expansion of Thunder Spirit Wind, located near Hettinger, North Dakota, increased Montana-Dakota's generation portfolio from 22% renewables to 27%.
On April 23, 2018, the Company acquired the operations of Teevin & Fischer Quarry, LLC, which is a leading aggregate producer on the north Oregon coast. Teevin & Fischer became part of Knife River. MDU Resources anticipated the acquisition to be accretive to 2018 EPS.
On June 04, 2018, MDU Resources announced the acquisition of Tri-City Paving, Inc., which is a general contractor and aggregate, asphalt, and ready-mix concrete supplier headquartered in Little Falls, Minnesota. Post-acquisition, Tri-City also became part of Knife River. The financial details of the acquisition were not disclosed.
About Molalla Redi-Mix and Rock Products, Inc.
Established in 1976, Molalla Redi Mix provides quality ready mixed concrete, aggregates, crushed rock, soil delivery, and large concrete block manufacturing and delivery.
About Knife River Corp.
Knife River is one of the largest construction materials and contracting Companies in the United States. Knife River mines, aggregates, and markets crushed stone, sand, gravel, and related construction materials, including ready-mix concrete, cement, asphalt, liquid asphalt, and other value-added products. It also performs integrated construction services.
About MDU Resources Group, Inc.
Founded in 1924 and headquartered in Bismarck, North Dakota, MDU Resources, which is a member of the S&P MidCap 400 index and the S&P High-Yield Dividend Aristocrats index, provides essential products and services through its regulated energy delivery and construction materials and services businesses.
Stock Performance Snapshot
July 17, 2018 - At Tuesday's closing bell, MDU Resources Group's stock slightly climbed 0.17%, ending the trading session at $29.20.
Volume traded for the day: 488.55 thousand shares.
Stock performance in the last month - up 3.77%; previous three-month period - up 3.73%; past twelve-month period - up 13.88%; and year-to-date - up 8.63%
After yesterday's close, MDU Resources Group's market cap was at $5.66 billion.
Price to Earnings (P/E) ratio was at 22.74.
The stock has a dividend yield of 2.71%.
The stock is part of the Industrial Goods sector, categorized under the General Building Materials industry. This sector was up 0.5% at the end of the session.
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