Mdu Resources Gets Yarbrough'S Material & Construction
- Published: Tuesday, 13 May 2008 07:04
MDU Resources Group has acquired Yarbrough's Dirt Pit, doing business as Yarbrough's Material & Construction, a leading aggregate supplier and ready-mixed concrete producer near Sour Lake, Texas, located approximately 25 miles west of Beaumont.
Yarbrough will become part of Knife River Corporation, the construction materials and contracting subsidiary of MDU Resources. Financial details of the acquisition were not disclosed. MDU Resources anticipates the acquisition will be accretive to 2008 earnings per share.
"The addition of Yarbrough strengthens our corporation in the construction materials business in an area that is experiencing strong industrial and commercial growth," said Terry D. Hildestad, president and chief executive officer of MDU Resources. "We intend to continue acquiring successful and well-managed companies, like Yarbrough, to increase our presence in the construction materials industry."
Yarbrough serves the southeast Texas market, primarily the Beaumont and Port Arthur area, with an aggregate distribution yard and ready-mixed plant. Yarbrough distributes in excess of 300,000 tons of aggregate annually.
"Knife River is proud to welcome the employees and management team of Yarbrough," said Bill Schneider, president and chief executive officer of Knife River. "This is an excellent addition to our company and will complement our existing operations in southeast Texas."
Yarbrough will operate as part of Knife River's South Region, which includes operations in Central and East Texas.