BISMARCK, N.D. - MDU Resources Group, Inc. (NYSE: MDU) has announced the rebranding of its construction services segment to Everus Construction Group, Inc. This move comes as part of the company's strategy to spin off the business into a separate, publicly traded entity by the end of the year.
The rebranding initiative is a step towards the completion of the spinoff process, initially declared on November 2, 2023. "Rebranding the construction services business prepares Everus to be a standalone, publicly traded company, separate from the MDU ticker symbol," stated Nicole A. Kivisto, president and CEO of MDU Resources.
Everus Construction Group is recognized as one of the top 10 largest specialty construction services businesses in the United States. It offers a range of services including electrical and mechanical contracting, as well as transmission and distribution across various sectors.
Jeffrey S. Thiede, president and CEO of Everus, expressed enthusiasm about the new identity, emphasizing the company's commitment to maintaining its focus on safety and workforce while distinguishing its brand in the market.
The spinoff is anticipated to unlock shareholder value and foster concentrated growth opportunities for both MDU Resources and Everus Construction Group. However, forward-looking statements regarding the spinoff are subject to various risks and uncertainties, and actual results may differ materially from projections.
MDU Resources Group, a member of the S&P MidCap 400 index, continues to provide essential products and services through its regulated energy delivery and construction services businesses.
This rebranding and spinoff plan is based on a press release statement from MDU Resources Group, Inc. For more information on Everus Construction Group's services and operations, interested parties can visit the company's website at www.everus.com.
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