MDU Resources To Separate Knife River

(RTTNews) - MDU Resources Group, Inc. (MDU) said its board has unanimously approved a plan to separate its construction materials business, Knife River Corporation, from the company. The separation will result in two independent, publicly traded companies.

Dennis Johnson, chair of MDU Resources board, said, "Our most recent assessment determined that a separation of Knife River could unlock significant value. 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."

The company expects the separation to be effected as a tax-free spinoff to shareholders and to be completed in 2023.