BISMARCK, N.D. Aug. 4, 2022 MDU Resources Group, Inc. (NYSE: MDU) today announced that its board of directors has unanimously approved a plan to separate its wholly owned construction materials business, Knife River Corporation, from the company. While the highest-paid employees at MDU Resources Group can earn over $92,000 a year, the lowest-paid employees earn less than . Click Here. While logged in and authenticated, you will not be asked to solve any complicated Recaptcha V2 challenges. With the spinoff, it is expected that MDU Resources shareholders will retain their current shares of MDU Resources stock and receive a pro rata distribution of shares of Knife River stock in a transaction that is expected to be tax free to MDU Resources and its shareholders for U.S. federal income tax purposes. It does not store any personal data. The employee data is based on information from people who have self-reported their past or current employments at MDU Resources. [2] It is headquartered in Bismarck, North Dakota, and operates in 48 states. Rebecca Dorwart at Mdu Resources Group Inc. MDU Resources Group, Inc. All rights reserved. "With the substantial progress we have made, we are expecting the spinoff of Knife River to be complete in the second quarter of 2023," said David L. Goodin, president and CEO of MDU Resources. These cookies track visitors across websites and collect information to provide customized ads. A strong infrastructure is the heart of our country's economy. With respect to forward-looking statements contained herein, a number of factors could cause actual outcomes to vary materially. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. 7% of MDU Resources employees are Hispanic or Latino. MDU Resources competitors include The Williams Companies, SandRidge Energy, Energy Transfer Solutions, Peabody Energy, Cenergy International Services, Kinder Morgan, Exelon, Portland General Electric, South Jersey Industries, Salt River Project, Octagon 88 Resources, DTE (Detroit Tool & Engineering), Green Mountain Power. The average employee at MDU Resources makes $52,489 per year. The MDU Resources board believes the proposed separation will unlock the inherent value within the two companies, which have unique growth prospects and investment opportunities. Working at MDU Resources Group, Inc.: 8 Reviews - indeed.com Statement of Changes in Beneficial Ownership. Post-separation, MDU Resources intends to maintain a dividend policy consistent with its historic practice. 4. MDU Resources - Wikipedia The Company's Electric segment generates, transmits, and distributes electricity. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. BISMARCK, N.D., Dec. 15, 2022 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) on Wednesday submitted a confidential draft registration statement on Form 10 with the U.S. Securities and Exchange Commission in connection with the planned spinoff of its construction materials business, Knife River Corporation. Both companies eventually realized the lawsuit was unproductive and they ceased litigation.[3]. Location United States, North Dakota, Bismarck Last Update 2021-06-04 Remove my profile . 18 Deep, 3Wide, 7Tall 4.5% Sales Tax will be applied For additional information, contact Jack VandeKop @ (605) 340-5256 No assurance can be given regarding the form that a spinoff transaction may take or the specific terms or timing thereof, or that a spinoff will in fact occur. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding MDU Resources and the proposed spinoff of Knife River that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1993, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. This cookie, set by Cloudflare, is used to support Cloudflare Bot Management. Your entire office will be able to use your search subscription. MDU Resources is ranked #7 on the Best Companies to Work For in North Dakota list. We expect Knife River shares to be distributed immediately upon the completion of the spinoff transaction, which we expect to occur during 2023. 67% of the management team is White. Project Manager at Mdu Resources Group Inc. Project Managers are responsible for planning, implementing, and managing projects. This cookie is set by GDPR Cookie Consent plugin. Careers - MDU Resources Group Inc. [2] It is headquartered in Bismarck, North Dakota, and operates in 48 states. The USC Career Center is open - in person and online - as always, all of our services and resources are available to you, including advising, job and internship opportunities, programs, workshops, career fairs, and more. Conference Call 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. company profile page along with the rest of the general data. Establishes Knife River as a stand-alone, aggregates-based, vertically integrated construction materials and contracting provider. This category only includes cookies that ensures basic functionalities and security features of the website. MDU Resources may also be known as or be related to MDU Resources, MDU Resources Group, MDU Resources Group Inc and MDU Resources Group, Inc. We calculated the diversity score of companies by measuring multiple factors, including the ethnic background, gender identity, and language skills of their workforce. By continuing to use this application, you consent to the use of cookies in accordance with our. The most common ethnicity at MDU Resources is White (82%). Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. DPSC served a total of 91 towns in west-central North Dakota originally served by the Hughes Electric Company/North Dakota Power & Light Company (NDP&L) and south-central North Dakota/north-central South Dakota originally served by the Northern Power & Light Company (NP&L). Following a thorough assessment, the board determined that a spinoff of Knife River Corporation is the best path forward to maximize value for all stakeholders. 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. Claiming and updating your company profile on Zippia is free and easy. Advisors 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. MDU Construction Services Group, Inc. is an industry-leading specialty contractor, We may use cookies and other similar technologies (together "cookies") to offer you a better web browsing experience and analyze usage. The cookie is used to store the user consent for the cookies in the category "Other. Knife River has more than 1 billion tons of aggregate reserves, 110 ready-mix plants, 50 asphalt plants and a combined 410,000 tons of liquid asphalt and cement storage. By providing your email address below, you are providing consent to MDU Resources to send you the requested Investor Email Alert updates. In addition, all pages on Bizapedia will be We are sorry, but your computer or network may be sending automated queries. Montana-Dakota Utilities Headquarters is located at 400 N. Fourth Street, Bismarck, ND 58501-4092. Unlike its neighboring utilities, MDU was generally not in the business of reselling energy at wholesale to other companies, with the exception of five Eastern Montana towns then served by the Mountain States Power Company. When is the spinoff expected to be completed? Using a database of 30 million profiles, Zippia estimates demographics and statistics for MDU Resources. Subsidiaries to MDU Resources include Young Brothers Inc Contractors. [7] Additionally, OSHA cited and fined Loy Clark for safety violations as a result of this incident. With our nations focus on infrastructure, the recent passage of the Investment in Infrastructure and Jobs Act will provide federal funding to support the type of public and private work Knife River does. Further details related to capital structure, governance and other elements of the transaction will be announced at a later date. 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. We work underground and overhead in the transmission and distribution industry. It generated $321 million of EBITDA in 2021. 5 on 2022 EC&M Top 50 Electrical Contractors List, Your specialty contracting services provider. 02/24/2023. This category only includes cookies that ensures basic functionalities and security features of the website. Payment Locations - Montana-Dakota Utilities Company Employees in the top 10 percent can make over $86,000 per year, while employees at the bottom 10 percent earn less than $31,000 per year. Main Telephone (866) 760-4852. If you experience any issues with this process, please contact us for further assistance. Filing Jurisdiction, Entity Type, Registered Agent, File Number, Filing Status, and Business Category. They ensure a project is completed on time and within budget. View original content to download multimedia. MDU Resources Group: Employee Directory | ZoomInfo.com How will this impact MDU Resources current quarterly dividend? Optimized capital structures: Each company will benefit from distinct capital structures and financial policies tailored to their separate business profiles and needs. Here are further demographic highlights of the leadership team: The MDU Resources executive team is 29% female and 71% male. 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. 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. These cookies do not store any personal information. Enhances MDU Resources strategic focus on regulated utilities, natural gas pipelines and related infrastructure services. Intermountain is a subsidiary of MDU Resources Group, Inc., a multidimensional natural resources enterprise traded on the New York Stock Exchange as "MDU.". [9], Cascade Natural Gas Corporation, serving parts of Oregon and Washington, was acquired by MDU Resources in 2006. Cascade is a subsidiary of MDU Resources Group, Inc., a multidimensional natural resources enterprise traded on the New York Stock Exchange as "MDU.". This website uses cookies to improve your experience while you navigate through the website. The employee data is based on information from people who have self-reported their past or current employments at MDU Resources. It served approximately 938,867 residential, commercial, and industrial customers in 335 communities and adjacent rural areas. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. As it expanded across Eastern Montana and western North Dakota, it acquired the electric franchise for Miles City, Montana, after an acquisition struggle with the Montana Power Company.[3]. Initially, Minnesota Northern was only in the business of selling electric power, but entered the natural gas business following its discovery of oil in 1936 in the Williston Basin in Eastern Montana. The company strongly encourages investors to review the consolidated financial statements in their entirety and to not rely on any single financial measure. 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: 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. Zippia's Best Places to Work lists provide unbiased, data-based evaluations of companies. You will love working at Western! See if MDU Resources is hiring near you. What is the strategic rationale for spinning off Knife River? Second Quarter 2022 Financial Results 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. Rankings are based on government and proprietary data on salaries, company financial health, and employee diversity. Select Year: Filter filing type: Date Filing Type Filing Description Download / View. Knife River is always looking for good people to join our team. How did this transaction come about? Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Knife Rivers dividend policy will be determined in the future in a manner consistent with its stated capital allocation strategies. We are proud of the strong businesses we have built and are confident now is the right time to take this step to best serve our customers, employees, communities and shareholders.. 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. Bismarck, ND 58506. MDU Resources Group, Inc. is a U.S.-based corporation supplying essential products and services through its regulated energy delivery and construction materials and services businesses. Some of Rebecca Dorwart's colleagues are Mark Haag, Korey Fried, Eric Hope, Ben Morrison, Amanda Kadrmas, Ron Kutzler, Sheri Berogan, Christy Dirk-senn. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 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. Guests; Log in; Career Center. Jan 2004 - Mar 201511 years 3 months. The cookies is used to store the user consent for the cookies in the category "Necessary". Our Board of Directors regularly reviews opportunities to unlock value for our shareholders. In 1985, the corporation realigned its operations under the name MDU Resources Group, Inc. Messages will be read and responded to as soon as. ESI, Inc. is headquartered in Cincinnati, Ohio, with locations in Dayton, Cleveland and Columbus. After extensive research and analysis, Zippia's data science team found that: 38% of MDU Resources employees are women, while 62% are men. But opting out of some of these cookies may affect your browsing experience. 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. About Us - Montana-Dakota Utilities Company MDU Resources generates $5.7B in revenue. The Natural Gas Distribution segment distributes natural gas and offers related value-added services. Join an amazing team that is consistently recognized for our achievements and culture, including our most recent Forbes award of being one of America's Best Midsize Employers for 2023! Employees seem to enjoy working in an otherwise diverse workplace that is dominated by members of the Republican Party. The companies have since partnered on two base-load power plants (Big Stone and Coyote). Creates financial and strategic flexibility for each company to focus on core business opportunities. Non-GAAP Financial Measures Despite its diversity in other areas, MDU Resources employees are noticeably lacking in political diversity. Knife River Separation - MDU Resources Group Inc. 79 were here. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. About MDU Resources You can unsubscribe from these emails at any time. Spinoff of Knife River expected to unlock significant shareholder value. MDU Resources will discuss todays separation announcement as well as its second quarter results during a webcast at 8:30 a.m. EDT Aug. 4, 2022. MDU Resources Group, Inc. ( NYSE: MDU) Q4 2022 Earnings Conference Call February 9, 2023 2:00 PM ET Company Participants Jason Vollmer - VP & CFO David Barney - President & CEO, Knife River. The company believes these non-GAAP financial measures are useful to investors by providing meaningful information about operational efficiency compared to the companys peers by excluding the impacts of differences in tax jurisdictions and structures, debt levels and capital investment. The national average salary for an employee at MDU Resources Group is $55,677 per year, or $26.77 an hour. We will diligently work through the separation process to ensure each company is optimized to deliver value for shareholders.. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Our construction services bring power to communities and neighborhoods across the country. Executive Summary. With the Bizapedia Pro Search service you will get unlimited searches via our various search forms, The following table provides a reconciliation of consolidated GAAP net income to EBITDA for 2021. Our expertise includes refinery and plant construction and maintenance, as well as automotive, renewable energy and steel facility installations and maintenance. Following the planned separation, MDU Resources will remain headquartered in Bismarck, North Dakota, and continue to be the parent company for MDU Resources existing regulated electric and natural gas utilities (Cascade Natural Gas Corp., Intermountain Gas Co., Montana-Dakota Utilities Co.), natural gas pipeline business (WBI Energy, Inc.) and construction services company (MDU Construction Services Group, Inc.). Phone: 800-638-3278. Contact Us - Montana-Dakota Utilities Company The company anticipates completing the strategic review in the first half of 2023. We build complex, diverse projects for our customers and we're always looking for team members to contribute to our success. It is mandatory to procure user consent prior to running these cookies on your website. The actual number of shares to be distributed to MDU Resources shareholders will be determined prior to completing the spinoff, as will the specific transaction structure. This site is NOT monitored 24 hours a day. In 2001, Knife River sold its remaining coal-mining interests. With integrity, create superior shareholder value by expanding upon our expertise to be the supplier of choice in all of our markets while being a safe and great place to work. Leasing Consultant Job in Brea, CA at Western National Group These cookies will be stored in your browser only with your consent. It also provides cathodic protection and other energy-related services. COMMERCIAL RESOURCES TAX GROUP, INC. is a California Stock Corporation - Ca - General filed on April 1, 1997. [8] Two additional lawsuits were filed against Loy Clark in December 2019. MDU Resources Surplus Auction - Cabinet Out of these, 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. These cookies ensure basic functionalities and security features of the website, anonymously. COMMERCIAL RESOURCES TAX GROUP, INC. in Brea, CA | Company Info All forward-looking statements in this news release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. We build complex, diverse projects for our customers and were always looking for team members to contribute to our success. For more information, visitwww.kniferiver.com. mdu resources group inc. mdu resources group. Knife River Corporation is now among the largest sand and gravel producing companies in the U.S. Our most recent assessment determined that a separation of Knife River could unlock significant value. We also use third-party cookies that help us analyze and understand how you use this website. Referrals increase your chances of interviewing at Mercury Insurance by 2x. MDU Resources Group, Inc., a member of the S&P MidCap 400 and the S&P High-Yield Dividend Aristocrats indices, is Building a Strong America by providing essential products and services through its regulated energy delivery and construction materials and services businesses. These cookies track visitors across websites and collect information to provide customized ads. The board and our management team are confident that MDU Resources and Knife River will be best positioned as two focused, independent companies.