BISMARCK, N.D., Sept. 3,
2024 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE:
MDU) today announced the anticipated board of directors for Everus
Construction Group, effective upon completion of the planned
spinoff of the construction services subsidiary into an
independent, publicly traded company. The spinoff is expected to be
complete in late 2024.
Everus' post-spinoff board is expected to consist of seven
directors, including six independent directors.
These individuals are anticipated to move from MDU Resources'
board of directors to Everus' board:
- Dale S. Rosenthal, former
strategic director and former chief financial officer of Clark
Construction Group, LLC, and a director of Washington Gas Light
Company. Rosenthal is expected to chair Everus' board.
- Michael S. Della Rocca, former chief executive, Americas,
of AECOM and owner of Della Rocca Enterprises LLC.
- Edward A. Ryan, former executive
vice president and general counsel of Marriott International.
- David M. Sparby, former senior vice president and group
president, revenue, of Xcel Energy, Inc.
These individuals are anticipated to be new directors on Everus'
board:
- Clark A. Wood, who is retiring
in November from his position as market president for Arizona and Nevada of US Bank.
- Betty R. Wynn, former senior
vice president, chief financial officer and treasurer of MYR
Group, Inc.
- Jeffrey S. Thiede, president and CEO of Everus.
"Identifying the future board of directors for Everus is another
milestone toward completing the spinoff of the construction
services subsidiary, which is expected to optimize value for
shareholders while achieving MDU Resources' strategic objective of
becoming a pure-play regulated energy delivery business," said
Dennis W. Johnson, chair of the
board of MDU Resources.
Rosenthal, who is expected to become chair of Everus' board,
said, "With this highly experienced slate of directors who are
familiar with the construction industry and markets served by
Everus, we look forward to providing strategic guidance to Everus
as it becomes a stand-alone company."
MDU Resources announced in November
2023 that it intends to spin off Everus to optimize value
for stockholders and become a pure-play regulated energy delivery
business. The spinoff is subject to certain customary conditions,
including final approval by MDU Resources' board of directors and
the SEC's declaration that the Form 10 registration statement is
effective. The separation is expected to be tax free to MDU
Resources and its stockholders for federal income tax purposes.
Forward-Looking Statements
Information in this
release includes certain forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934. The
forward-looking statements in this release, including information
about the planned spinoff of Everus Construction Group, the
anticipated future board of directors for Everus, the future state
of MDU Resources, future stock performance, and statements by MDU
Resources' chair and the anticipated chair of Everus, 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, refer to Item 1A — Risk Factors in MDU
Resources' most recent Form 10-K and Form 10-Q and subsequent
filings with the SEC.
About MDU Resources
MDU Resources Group, Inc., a
member of the S&P MidCap 400 index, provides essential products
and services through its regulated energy delivery and construction
services businesses. Founded in 1924, the company is celebrating
its 100th anniversary; learn more at www.mdu.com/100th-anniversary.
For more information about MDU Resources, visit www.mdu.com or
contact the Investor Relations Department at
investor@mduresources.com.
About Everus Construction Group
Everus Construction
Group, Inc. is Building America's Future™ by providing a full
spectrum of construction services through its electrical and
mechanical, and transmission and distribution specialty contracting
services across the United States.
These specialty contracting services are provided to utility,
transportation, commercial, industrial, institutional, renewable
and other customers. Its E&M contracting services include
construction and maintenance of electrical and communication wiring
and infrastructure, fire suppression systems, and mechanical piping
and services. Its T&D contracting services include construction
and maintenance of overhead and underground electrical, gas and
communication infrastructure, as well as manufacturing and
distribution of transmission line construction equipment and tools.
For more information about Everus, visit everus.com.
Investor Contact: Brent
Miller, assistant treasurer and director of financial
projects and investor relations, 701-530-1730
Media Contacts: Byron
Pfordte, MDU Resources manager of integrated communications,
208-377-6050
Laura Lueder, Everus director of
communications, 701-221-6444
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SOURCE MDU Resources Group, Inc.