Publicly-traded MDU Resources includes electric and natural gas utilities, a natural gas pipeline, utility services, natural gas and oil production, construction materials and mining and energy services. Oregon Electric is a 50-year-old company specializing in new construction, repair, maintenance and service work for its high tech, industrial, health care, commercial, institutional and power generation customers.
Oregon Electric has approximately 100 non-bargaining employees and up to 600 bargaining unit field employees. The executive management of Oregon Electric will continue to manage the operations, which will become part of Utility Services, Inc. (USI), an MDU Resources subsidiary.
MDU Resources says the acquisition should be accretive to earnings per share. Financial details of the transaction were not disclosed, but it's clear the news did not immediately help the company's beleaguered stock price. The company's share price stood at $25 in afternoon trading, off $0.61 on the day for a new 52-week low. In April, the company's share price hit a 52-week high of $40.37.
"This acquisition will complement our existing companies in the greater Portland area," said Ron Tipton, president and chief executive officer of USI. "Oregon Electric gives us the resources to expand both our product and service offerings in the Northwest United States. Our expanded services will include inside electrical construction, specialized, low-voltage systems, electrical service and maintenance along with power plant controls and installation."
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