MDU Resources Group, Inc. (NYSE: MDU) announced today that its construction services business, MDU Construction Services Group, Inc., has rebranded to Everus Construction Group, Inc. in preparation for the planned tax-free spinoff of the business, expected to be complete late this year.
MDU Resources announced on Nov. 2, 2023, that it plans to spin off the construction services business, which will result in two independent, publicly traded companies.
“Rebranding the construction services business prepares Everus to be a standalone, publicly traded company, separate from the MDU ticker symbol,” said Nicole A. Kivisto, president and CEO of MDU Resources. “We continue to make good progress toward completing the spinoff late this year. We believe the separation will create value for our shareholders while positioning both companies for focused growth opportunities.”
Everus Construction Group provides a full spectrum of construction services through its electrical and mechanical, and transmission and distribution specialty contracting services across the United States. More information about Everus can be found at www.everus.com.
“We’re very excited about this new identity for our company,” said Jeffrey S. Thiede, president and CEO of Everus. “While we remain one of the Top 10 largest specialty construction services businesses in the country, with the same focus on safety and our people, our new brand allows us to better distinguish our business and tell the story of the outstanding work our team performs across the country for our customers.”