Knife River Corporation Acquires Viesko Redi-Mix, Inc.
BISMARCK, N.D., March 4, 2019 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) announced today that subsidiary Knife River Corporation has acquired Viesko Redi-Mix, Inc., a ready-mix concrete supplier headquartered near Salem, Oregon.
Viesko, which does business as Viesko Quality Concrete, is based in Wheatland, Oregon, about 12 miles north of Salem and 40 miles southwest of Portland. The acquisition complements Knife River's existing Oregon operations and provides expansion for Knife River into the growing north Willamette Valley and Portland Metro markets.
Financial details of the acquisition were not disclosed. MDU Resources anticipates the acquisition will be accretive to earnings per share.
Founded in 1948, Viesko is a vertically integrated business with ready-mix plants in Wheatland, Woodburn and McMinnville, Oregon, and an aggregate operation in Keizer, Oregon. Viesko's 60 team members join Knife River's growing Northwest Region, which last year acquired the operations of Molalla Redi-Mix and Rock Products, Inc., and Teevin & Fischer Quarry, LLC.
"Knife River has a long and proud history in Oregon, and we believe it has a very bright future there as well," said David L. Goodin, president and CEO of MDU Resources. "Viesko also has a proud history of serving its Oregon customers. This is another good acquisition for Knife River. We welcome the Viesko employees to our team and look forward to continued success."
This acquisition is the sixth in the last 11 months for Knife River.
"As we continue to grow our business, we are looking for companies like Viesko: Well-run operations in growing markets where we have familiarity," said David C. Barney, president and CEO of Knife River. "We have a lot of experience in Oregon, and we're excited to further expand our footprint."
Forward-Looking Statements
The information in this release includes certain forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release, including statements made by the president and CEO of MDU Resources, statements made by the president and CEO of Knife River, and statements relating to earnings per share accretion, are expressed in good faith and are believed by the company to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. For a discussion of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, refer to Item 1A - Risk Factors in MDU Resources' most recent Form 10-K and Form 10-Q.
About Knife River
Knife River Corporation 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. For more information about Knife River, visit the company's website at www.kniferiver.com.
About MDU Resources
MDU Resources Group, Inc., a member of the S&P MidCap 400 index and the S&P High-Yield Dividend Aristocrats index, is Building a Strong America(®) by providing essential products and services through its regulated energy delivery and construction materials and services businesses. For more information about MDU Resources, see the company's website at www.mdu.com or contact the Investor Relations Department at investor@mduresources.com.
Financial Contact:
Jason Vollmer, vice president, chief financial officer and treasurer, 701-530-1755
Media Contacts:
Tony Spilde, Knife River communications, 541-693-5949
Laura Lueder, MDU Resources Group manager of communications and public relations, 701-530-1095
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SOURCE MDU Resources Group, Inc.
