MDU Resources Board Approves Separation Of Knife River Corp. Into Publicly Traded Company

(RTTNews) - MDU Resources Group, Inc. (MDU) said its board has approved the separation of the construction materials subsidiary, Knife River Corp., through a pro rata distribution of the outstanding shares of common stock of Knife River Holding Company, which is the newly formed parent company for Knife River Corp. Knife River common stock is expected to be distributed on May 31, 2023, to MDU Resources stockholders of record on May 22, 2023, the record date for the distribution.

Upon completion of the distribution, MDU Resources will continue to trade in the regular way on the NYSE under ticker, MDU. Knife River will trade in the regular way on the NYSE under the ticker, KNF.

Also, MDU Resources Group, Inc.'s board has declared a quarterly dividend on the company's common stock of 22.25 cents per share, unchanged from the previous quarter. The dividend is payable July 1 to stockholders of record June 13.

Following the spinoff of Knife River, MDU Resources' board plans to review MDU Resources' dividend practice.