MDU Resources Group acquires Pride Electric assets
Sep 17, 2019, 08:30 ET
BISMARCK, N.D., Sept. 17, 2019 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) announced today that it has acquired the assets of Pride Electric, Inc., a leading electrical construction company in Redmond, Washington.
Financial details of the acquisition were not disclosed.
Founded in 1993, Pride Electric provides high-end commercial, industrial and tenant improvement electrical construction, along with tele-data and security system installation. The company has long-standing customer relationships and a solid industry reputation, resulting in repeat business.
"Pride Electric will provide complementary electrical services in Seattle, Bellevue and Redmond," said David L. Goodin, president and CEO of MDU Resources. "We are excited to add the Pride Electric operations to the team as we strengthen our presence in these markets."
Pride Electric will be operated as a division of OEG, Inc., which is a subsidiary of MDU Construction Services Group and one of the largest electrical contracting companies in the Pacific Northwest. OEG has operations in Washington, Oregon and California.
"Pride Electric is a great cultural fit for us, with its well-established, capable team and commitment to safety and integrity," said Jeff Thiede, president and CEO of MDU Construction Services Group. "We look forward to integrating our teams and growing our business."
Forward-Looking Statements
The information in this release includes certain forward-looking statements, including statements made by the president and CEO of MDU Resources and statements made by the president and CEO of MDU Construction Services Group, 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 MDU Construction Services Group
MDU Construction Services Group, Inc., provides a full spectrum of construction solutions, from underground utilities and excavation to electrical, mechanical and fire suppression systems as well as transmission and distribution line construction. It also manufactures and distributes transmission line construction equipment and supplies. For more information about the company, visit www.mducsg.com. For more information about Pride Electric, visit www.prideelectric.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 [email protected].
Financial Contact: Jason Vollmer, vice president, chief financial officer and treasurer, 701-530-1755
Media Contacts:
Andrea Blessum, MDU Construction Services Group communications, 701-530-1054
Laura Lueder, MDU Resources Group manager of communications and public relations, 701-530-1095
SOURCE MDU Resources Group, Inc.
