MDU Resources Group Acquires Sweetman Construction Co.
MDU Resources Group Inc. recently acquired Sweetman Construction Co., a premier provider of aggregates, asphalt and ready-mix concrete in the Sioux Falls, S.D., market.
Sweetman, which does business as Concrete Materials Co., will become part of Knife River Corp., the construction materials subsidiary of MDU Resources. Financial details of the acquisition were not disclosed. MDU Resources anticipates the acquisition will be accretive to earnings per share. Sweetman's vertically integrated business is built on a foundation of approximately 55 million tons of aggregate reserves. In addition to being a leading supplier of aggregates in the market, Sweetman's Concrete Materials business operates three asphalt plants and seven ready-mix plants, with a fleet of 65 ready-mix trucks to serve the area. Sweetman also owns a rail line and a rail transloading service that provide material delivery to augment its business in the growing Sioux Falls market.
"We are excited about moving into Sioux Falls, particularly by bringing such a highly regarded, well-run business into our Knife River family," said David L. Goodin, president and CEO of MDU Resources. "Sweetman has been a key player in the area for nearly 90 years. Its team members' relationships and expertise are important as we look to continue to provide great service throughout the region."
Sweetman's team of 260 employees will join Knife River's North Central Region, which operates in Iowa, Minnesota, Nebraska, North Dakota and South Dakota.
"Knife River's success has been built on acquisitions like this one," said David C. Barney, president and CEO of Knife River. "Sioux Falls has a strong and diverse economy. The Sweetman companies have a successful history there, and we look forward to continuing to support construction in Sioux Falls for generations to come."
Sweetman is a premier provider of aggregates, asphalt and ready-mix concrete in the Sioux Falls, S.D., market.
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|Title Annotation:||IN THE KNOW|
|Date:||Nov 1, 2018|
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