MDU Resources Announces Acquisition of Granite City Ready-Mix CompaniesBISMARCK, N.D.–(BUSINESS WIRE)–April 19, 2002–MDU Resources Group, Inc. (NYSE:MDU – news) announced that Granite City Ready-Mix, Inc. and the related companies of Granite City Concrete of Watkins, Inc., Granite City Concrete of Little Falls, Inc. and Granite City Transport, Inc. (collectively Granite City), privately held ready-mixed concrete and sand and gravel companies serving Central Minnesota, have been acquired by and will become part of Knife River Corporation, the construction materials and mining subsidiary of MDU Resources. Granite City was purchased with MDU Resources common stock and cash. Other financial details of the merger were not disclosed. MDU Resources anticipates that the acquisition will be accretive to earnings per share. Granite City, headquartered in St. Cloud, Minn., is a leading concrete supplier in the area. The company supplies and places ready-mixed concrete and aggregates for a variety of projects. It focuses on providing special services for customers, primarily concrete pumping with its mounted boom pump trucks and mixer-mounted conveyor trucks. The company has average annual revenues of about $19 million. Lewis W. Gohman started Granite City with one ready-mix plant in June 1959. Current owners Bob Bogard, Martha Bogard and Vern Tschida bought the company from Gohman in 1978. Since its beginnings, Granite City has grown to include seven ready-mix plants in Minnesota, one each in Annandale, Avon, Becker, Cross Lake, Little Falls, Richmond and St. Cloud. ‘This acquisition will enhance our construction materials services in Minnesota,’ said Terry Hildestad, president and chief executive officer of Knife River Corporation. ‘Granite City will be a sister company to our two other Minnesota companies – Bauerly Brothers, Inc. headquartered in Sauk Rapids and Thorson, Inc. headquartered in Bemidji.’ Hildestad said the company will continue to be operated as Granite City Ready-Mix Companies. Bob Bogard will be president and Clint Bogard will continue to serve as Granite City’s vice president and general manager. ‘While we’re excited about joining the Knife River family of companies,’ Clint Bogard said, ‘our customers aren’t likely to notice any major changes. We’ll still be providing the same great products with the same great service they’ve come to expect from us.’ The information in this release includes certain forward-looking statements, including statements by the president and chief executive officer of Knife River Corporation and statements concerning accretive earnings per share, within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the company believes that its expectations are based on reasonable assumptions, actual results may differ materially. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the effects of competition and the ability to effectively integrate acquired operations. For further discussion, refer to MDU Resources’ 2001 Form 10-K at Item 7 – Management’s Discussion and Analysis – Safe Harbor for Forward-looking Statements. MDU Resources Group, Inc. provides energy, value-added natural resource products and related services that are essential to our country’s energy, transportation and communication infrastructure. MDU Resources includes electric and natural gas utilities, a natural gas pipeline, utility services, natural gas and oil production, construction materials and mining, and energy services. For more information about MDU Resources, see the company’s Web site at www.mdu.com or contact the investor relations department at firstname.lastname@example.org. Knife River Corporation mines aggregates and markets crushed stone, sand, gravel and other related construction materials, including ready-mixed concrete, cement and asphalt, as well as value-added products and services in the north central and western United States, including Alaska and Hawaii. For more information about Knife River Corporation, visit the company’s Web site at www.kniferiver.com. ——————————————————————————–Contact: MDU Resources Group, Inc., Bismarck Laura Lueder, 701/222-7874 or Nicole Kivisto, 701/222-7937SOURCE: MDU Resources Group, Inc.
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