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MDU Resources Group Acquires Assets of Molalla Redi-Mix and Rock Products, Inc.

Jul 16, 2018

MDU Resources Group, Inc. (NYSE: MDU) announced today it has acquired the operations of Molalla Redi-Mix and Rock Products, Inc., which produces ready-mix concrete in Molalla, Oregon, south of Portland.

Molalla Redi-Mix will become part of Knife River Corporation, the construction materials subsidiary of MDU Resources. The acquisition expands Knife River’s reach into the growing market between Portland and Salem, and will be operated out of the company’s Portland Metro office. Financial details of the acquisition were not disclosed. MDU Resources anticipates the acquisition will be accretive to 2018 earnings per share.

“Molalla Redi-Mix is a good addition to our Oregon operations, and gives us more flexibility to serve customers southeast of Portland,” said David C. Barney, Knife River president and CEO. “We are excited to bring in new team members and to continue to grow our business. This is our third acquisition this year, and we look forward to completing more deals throughout our service territory.”

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. Although the company believes its expectations are based on reasonable assumptions, actual results may differ materially. 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.

Contacts
Financial:

Jason Vollmer, vice president, chief financial officer and treasurer, 701-530-1755

Media:
Tony Spilde, Knife River—Northwest director of communications, 541-693-5949