The specific transaction structure will be defined once the spinoff is completed. Credit: Lumppini via Shutterstock.

MDU Resources Group has announced the rebranding of its construction services business to Everus Construction Group in anticipation of a tax-free spinoff scheduled for late this year.  

The move aims to establish two independent, publicly traded companies, following the announcement made in November 2023. 

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The number of shares to be distributed and the particular transaction structure will be defined once the spinoff is completed. 

MDU Resources president and CEO Nicole Kivisto said: “Rebranding the construction services business prepares Everus to be a standalone, publicly traded company, separate from the MDU ticker symbol. 

“We continue to make good progress toward completing the spinoff late this year. We believe the separation will create value for our shareholders while positioning both companies for focused growth opportunities.” 

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Everus Construction Group is set to offer a range of construction services across the US. 

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These services include electrical and mechanical (E&M), transmission and distribution (T&D), and speciality contracting services.  

The company’s E&M contracting services encompass the construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services.  

Meanwhile, its T&D contracting services focus on the construction and maintenance of overhead and underground electrical, gas, and communication infrastructure.  

These services also include manufacturing and distributing equipment and tools for transmission line construction.