MDU Resources Names Nathan Ring CFO of Knife River Corporation

Rhea-AI Summary

MDU Resources Group has appointed Nathan W. Ring as the new chief financial officer of its subsidiary Knife River Corporation, effective after the planned separation of Knife River, expected in the second quarter of 2023. Ring, currently vice president of business development at Knife River, brings over 20 years of experience within the company. This strategic leadership change aims to strengthen Knife River's financial management ahead of its transition to an independent, publicly traded entity.

Positive

• Appointment of Nathan W. Ring as CFO of Knife River strengthens leadership team.
• Ring brings over 20 years of experience, which may enhance operational efficiency and growth.
• Separation of Knife River is expected to create focused management and investment opportunities.

Negative

• None.

BISMARCK, N.D., Jan. 10, 2023 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) announced today that Nathan W. Ring has been named chief financial officer of the company's wholly owned construction materials subsidiary, Knife River Corporation, effective upon completion of the planned separation of Knife River. Ring currently is vice president of business development at Knife River.

MDU Resources previously announced it expects its spinoff of Knife River into an independent, publicly traded company to be complete in the second quarter of 2023.

"Nathan's financial acumen, leadership skills and energy have been a benefit to MDU Resources for several years, and in recent years Knife River has leveraged those talents to continue to grow through acquisitions and organically," said David L. Goodin, president and CEO of MDU Resources.

Ring, who is a certified public accountant, has more than 20 years of experience with Knife River and MDU Resources. Among his previous roles, Ring served as MDU Resources' vice president, controller and chief accounting officer. He also previously served as CFO of a regional bank headquartered in Bismarck.

"We are extremely pleased to have Nathan become Knife River's chief financial officer at this very exciting time for our company," said David C. Barney, CEO of Knife River. "He has been a close and valued advisor to me and to Knife River's president, Brian Gray. Nathan's experience and financial expertise will set up Knife River for continued success as we become an independent company."

About MDU Resources 
MDU Resources Group, Inc., a member of the S&P MidCap 400 and the S&P High-Yield Dividend Aristocrats indices, 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, visit www.mdu.com or contact the Investor Relations Department at investor@mduresources.com.

About Knife River 
Knife River Corporation mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mix concrete, asphalt and other value-added products. It also distributes cement and asphalt oil. It performs integrated contracting services. For more information, visit www.kniferiver.com.

Forward-Looking Statement 
The information in this release includes certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained in this release, including statements about the planned separation of Knife River Corporation and its future results, are expressed in good faith and are believed by the company to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. 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-Q and 10-K.

Media Contacts: Laura Lueder, MDU Resources manager of communications and public relations, 701-530-1095 
Tony Spilde, Knife River senior director of communications, 541-213-0947 
Investor Contact: Brent Miller, director of financial projects and investor relations, 701-530-1730

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SOURCE MDU Resources Group, Inc.

FAQ

What is the significance of Nathan Ring's appointment as CFO of Knife River Corporation?

Nathan Ring's appointment as CFO is significant as it brings over 20 years of experience to Knife River at a crucial time before its planned independence.

When is the planned separation of Knife River Corporation from MDU Resources?

The planned separation of Knife River Corporation is expected to be completed in the second quarter of 2023.

What are the implications of Knife River becoming an independent company?

The independence of Knife River is anticipated to lead to focused management and investment opportunities, potentially enhancing financial performance.

Who is Nathan W. Ring, the new CFO of Knife River Corporation?

Nathan W. Ring is the new CFO of Knife River Corporation, previously serving as vice president of business development and holding various roles at MDU Resources for over 20 years.