MDU Resources Group acquires stock of PerLectric, Inc.
BISMARCK, N.D., Feb. 3, 2020 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) announced today that it has acquired the stock of PerLectric, Inc., a leading electrical construction company in Fairfax, Virginia. Founded in 1992, PerLectric provides electrical construction to government, mission critical, commercial and health care customers.
PerLectric will operate as a subsidiary of MDU Construction Services Group, Inc. Financial details of the acquisition were not disclosed.
"PerLectric expands the geographic footprint of our construction services to the Mid-Atlantic region," said David L. Goodin, president and CEO of MDU Resources. "We already work with many of PerLectric's customers in other areas of the U.S., and this acquisition provides us an opportunity to serve those customers in a new market."
Fairfax is part of the Washington, D.C., metro area, the sixth-largest metro area in the United States that also boasts the second-highest total commercial construction starts. Northern Virginia is one of the world's largest data center markets.
"PerLectric is well positioned to benefit from the growth in the D.C. metro area," said Jeff Thiede, president and CEO of MDU Construction Services Group. "We are pleased to welcome PerLectric to our team."
The information in this release includes certain forward-looking statements, including statements made by the president and CEO of MDU Resources and statements made by the president and CEO of MDU Construction Services Group within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the company believes its expectations are based on reasonable assumptions, actual results may differ materially. 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-K and Form 10-Q.
About MDU Construction Services Group
MDU Construction Services Group, Inc., provides a full spectrum of construction solutions, from underground utilities and excavation to electrical, mechanical and fire suppression systems as well as transmission and distribution line construction. It also manufactures and distributes transmission line construction equipment and supplies. For more information about the company, visit www.mducsg.com. For more information about PerLectric, visit www.perlectric.com.
About MDU Resources
MDU Resources Group, Inc., a member of the S&P MidCap 400 index and the S&P High-Yield Dividend Aristocrats index, 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, see the company's website at www.mdu.com or contact the Investor Relations Department at [email protected].
Financial Contact: Jason Vollmer, vice president, chief financial officer and treasurer, 701-530-1755
Andrea Blessum, MDU Construction Services Group communications, 701-530-1054
Laura Lueder, MDU Resources Group manager of communications and public relations, 701-530-1095
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SOURCE MDU Resources Group, Inc.