Pit & Quarry, November 2018
DU Resources Group acquired Sweetman Construction Co a Sioux Falls South Dakota based provider of aggregate asphalt and readymix concrete Sweetman which conducts business as Concrete Materials Co will become part of Knife River Corp Sweetmans team of 260 employees will join Knife Rivers North Central region which operates in Iowa Minnesota Nebraska North Dakota and South Dakota According to MDU Resources Sweetmans vertically integrated business is built on a foundation of about 55 million tons of aggregate reserves In addition to being an aggregate supplier Sweetmans concrete materials business operates three asphalt plants and seven ready mix plants with a fleet of 65 ready mix trucks to serve the area Sweetman also owns a rail line and rail translating service that provides material delivery to the Sioux Falls market We are excited about moving into Sioux Falls particularly by bringing such a highly regarded well run business into our Knife River family says David Goodin president and CEO of MDU Resources Sweetman has been a key player in the area for nearly 90 years Its team members relationships and expertise are important as we look to continue to provide great service throughout the region Financial details of the acquisition were not disclosed and MDU Resources expects the acquisition will be accretive to earnings per share MDU Resources a member of the S P MidCap 400 index provides products and services through its regulated energy delivery and construction materials and services businesses Knife River Corp mines aggregate and markets crushed stone sand gravel and other related construction materials including ready mix concrete cement asphalt liquid asphalt and other value added products P Q AGGREGATE INDUSTRY INDEX DEC JAN 16 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 17 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 18 November 361 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV 400 350 300 250 Source Pit Quarry The P Q Aggregate Industry Index continues its steep descent after achieving a 2018 high several months ago 12 MONTH CHART PRICE 52 WEEK RANGE MARKET CAP IN BILLIONS STOCKS LOW HIGH As of Oct 11 2018 Source Yahoo Finance Cemex CX 619 572 851 938 CRH Oldcastle CRH 3065 3062 3932 2551 Eagle Materials EXP 7995 7960 12249 382 Granite Construction GVA 4310 4076 6858 197 Heidelberg Cement HEI 6244 6170 9616 1238 LafargeHolcim LHN 3949 3894 5110 2318 Martin Marietta MLM 17250 17250 24133 1087 MDU Resources MDU 2586 2429 2962 507 Summit Materials SUM 1598 1597 3406 184 U S Concrete USCR 3694 3676 8635 062 U S Lime Minerals USLM 7735 7056 10140 043 Vulcan Materials VMC 10303 10274 14120 1363 pitandquarry com November 2018 PIT QUARRY 49 KEVIN YANIK TOP ISTOCK COM FLASHWORKS CONCRETE MATERIALS PURCHASED NOW PART OF KNIFE RIVER M MDU Resources expects the acquisition will be accretive to earnings per share Sweetman has been a key player in its area for nearly 90 years
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