MDU Resources Group, Inc. (MDU) announced on Monday that it has confidentially submitted a draft registration statement on Form 10 to the U.S. Securities and Exchange Commission. This step plays a part in its planned divestiture of Everus Construction Group, its construction services venture.
The company envisages the separation of Everus Construction Group to be finalised in the last quarter of 2024.
MDU Resources' President and CEO, Nicole A. Kivisto, confirmed that the company will exclusively focus on regulated energy delivery ventures once the segregation of the construction services is completed late this year. "This strategic change will enable MDU Resources and Everus to each concentrate on our separate business growth prospects, contributing to continuous shareholder value enhancement."
The decision to split its construction services venture into an independent, publicly listed company was announced previously by MDU Resources on November 2, 2023.
