BISMARCK, N.D., July 18,
2024 /PRNewswire/ -- MDU Resources Group, Inc.'s
(NYSE: MDU) board of directors has selected the management team to
lead Everus Construction Group, the company's construction services
subsidiary, effective when the anticipated spinoff of Everus into
an independent, publicly traded company is complete. MDU Resources
expects the spinoff to be complete in late 2024.
The executive management positions at Everus, effective when the
spinoff is complete, include:
- Jeffrey S. Thiede, who will remain president and CEO, a
position he has held since 2013. Thiede has been with the company
for 20 years.
- Thomas D. Nosbusch, who will become chief operating
officer. Nosbusch currently is executive vice president of Everus
and has been with the company since 1999.
- Maximillian J. Marcy, who will
become vice president, chief financial officer and treasurer. Marcy
will join Everus on Aug. 12. He
previously was vice president II and business unit CFO of the
Engineering Adhesives Segment at H.B. Fuller Company.
- Paul R. Sanderson, who will become vice president, chief
legal officer and secretary. Sanderson currently is vice president,
chief legal officer and secretary for MDU Resources, the position
he has held since joining the company in 2023.
- Jon B. Hunke, who will become vice president and chief
accounting officer. Hunke currently is vice president of accounting
and enterprise information technology for Everus and has been with
the company for 21 years.
- Ray T. Kelly, who will remain senior vice president of
market development. Kelly has been with the company since
2016.
- Britney A. Hendricks, who will
become vice president of human resources. Hendricks currently is
director of human resources for Everus and has been with the
company for five years.
- Jason A. Behring, who will become vice president of
technology. Behring has been with the company for 25 years and
currently is director of enterprise information technology for
Everus.
"Our deep bench of talent and long-term succession planning
ensure we have the right people in place to lead Everus and MDU
Resources as the two businesses become separate, publicly traded
companies that are well-positioned for continued growth," said
Dennis W. Johnson, chair of the
board of MDU Resources.
Through the planned spinoff of Everus, MDU Resources will
achieve its objective of becoming a pure-play regulated energy
delivery business. The Everus spinoff is expected to be effected as
a tax-free spinoff to MDU Resources shareholders.
"We believe this is the right time to spin off Everus to
optimize value for shareholders as the construction services
business has a history of record performance, is benefiting from
strong industry tailwinds, and this management team has the
experience to continue to lead Everus' growth," said Nicole A. Kivisto, president and CEO of MDU
Resources. "We will continue to focus on our core strategy with our
pure-play regulated energy delivery business at MDU Resources as we
look to continue growing into the future."
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 timing
of the planned spinoff and statements by MDU Resources' chair and
CEO, 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 www.everus.com.
Media Contact: Laura
Lueder, manager of communications and public relations,
701-530-1095
Investor Contact: Brent
Miller, assistant treasurer, 701-530-1730
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SOURCE MDU Resources Group, Inc.