BISMARCK, N.D. - Everus Construction Group (NYSE: ECG) today commenced its journey as an independent entity, following the completion of its spinoff from MDU Resources Group, Inc. (NYSE: MDU). The initiation of independent trading on the New York Stock Exchange was marked by Everus' leadership team participating in the ceremonial ringing of the Opening Bell.
The distribution of Everus shares to MDU Resources stockholders was completed on October 31, with MDU shareholders receiving one share of ECG common stock for every four shares of MDU stock they held as of the record date, October 21. This move has been anticipated since the final information statement was filed on October 18.
Jeffrey S. Thiede, president and CEO of Everus, expressed his confidence in the company's future, citing the dedication of its team and the company's strategic positioning to capitalize on market trends such as data center expansion, grid modernization, and the reshoring of high-tech industries. Thiede also emphasized the company's commitment to its "4EVER" strategy and disciplined capital allocation to drive profitable growth and shareholder value.
Everus Construction Group specializes in electrical and mechanical, and transmission and distribution contracting services across the U.S., serving a diverse range of sectors from utilities to renewable energy. The company's services encompass the construction and maintenance of essential infrastructure, including electrical and communication wiring, fire suppression systems, and mechanical piping.
The information in the press release includes forward-looking statements, which are based on current expectations and carry risks and uncertainties that could cause actual results to differ materially. These statements have been qualified by cautionary language advising against placing undue reliance on them.
This news article is based on a press release statement from Everus Construction Group. For more information about the company and its services, interested parties can visit everus.com.
In other recent news, Everus Construction Group, Inc. has announced a series of significant corporate changes. The company has expanded its board of directors, appointing David M. Sparby to the new position. Sparby, who also assumes the role of the sole member of the company's Audit Committee, brings extensive experience to the table.
Everus Construction Group has also revealed a planned stock split and amendments to its Certificate of Incorporation. The changes are made in connection with a planned distribution of shares by MDU Resources Group, Inc. to its stockholders.
Furthermore, Everus is preparing for a pivotal spin-off from parent company MDU Resources Group, Inc., scheduled for the end of the month. The spin-off involves the distribution of Everus common stock to MDU Resources shareholders, with investors receiving one share of Everus common stock for every four shares of MDU Resources common stock held.
These developments form part of a series of strategic moves by Everus Construction Group, as detailed in recent filings with the U.S. Securities and Exchange Commission. It is important to note that all these changes are subject to certain conditions as outlined in the respective Information Statements.
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