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BISMARCK, ND --(Marketwired - January 18, 2016) - Knife River Corp., a subsidiary of MDU Resources Group Inc. (NYSE: MDU), has been awarded a $63.4 million contract to reconstruct a portion of Interstate 29 in Sioux City, Iowa. This is the largest contract Knife River has been awarded.
"Improving I-29 through the heart of Sioux City is a great project for us and for the 40,000-plus people who travel that stretch of highway every day," said David C. Barney, president and CEO of Knife River. "Our Iowa team is looking forward to enhancing the durability and safety of an important section of roadway."
Knife River will reconstruct the northbound lanes of I-29 from exit 147A to north of exit 149, alongside downtown Sioux City. The two-year project will begin this spring, with completion planned for fall 2017. In addition to working as the general contractor, Knife River will supply the concrete, asphalt and aggregate base for the 2.5-mile project. Much of the road base -- about 100,000 tons of material -- will be made from recycled concrete.
"Securing this project adds to an already substantial backlog of work Knife River has compiled for 2016 -- nearly $500 million," said David L. Goodin, president and CEO of MDU Resources. "The momentum the company enjoyed in 2015 is carrying into this year, signifying steady growth in the construction materials industry. Landing projects of this size is a testament not only to Knife River's capacity to handle large volumes of work, but also to its reputation as a company that will work safely and produce quality results."
MDU Resources Group, Inc., a member of the S&P MidCap 400 index, provides value-added natural resource products and related services that are essential to energy and transportation infrastructure, including regulated utilities, pipelines and energy services, and construction materials and services. For more information about MDU Resources, see the company's website 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 related construction materials, including ready-mix concrete, cement, asphalt, liquid asphalt and other value-added products. It also performs integrated construction services. For more information about Knife River, visit the company's website at www.kniferiver.com.
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