Knife River Expands in Texas with Acquisition of Construction Materials Operations
Knife River Corporation (NYSE:KNF) announced today that it has acquired the assets of Texcrete Operations LLC and TexAgg LLC (collectively "Texcrete"), supporting the company's growth efforts in the Texas Triangle.
Based in the Bryan/College Station market, Texcrete has six ready-mix plants and 85 ready-mix trucks serving Brazos and Montgomery counties. College Station is home to Texas A&M University and Montgomery County is one of the fastest-growing counties in the nation. Texcrete also operates a sand and gravel site that adds 20-plus years of aggregate reserves in the local market, at current production volumes.
"This acquisition fits our strategy of focusing on materials-based, vertically integrated operations in mid-size, high-growth markets," said Brian Gray, Knife River President and CEO. "We expect the ready-mix plants will pull through aggregates from our existing Knife River operations, in addition to leveraging Texcrete's own supply. We're excited about the growth potential in Texas, and we further expect the addition of Texcrete will help balance the seasonality in our northern markets."
Texcrete has approximately 100 employees, who have joined Knife River's Texas team.
About Knife River
Knife River Corporation, a member of the S&P MidCap 400 index, mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mix concrete, asphalt and other value-added products. Knife River also performs vertically integrated contracting services, specializing in publicly funded DOT projects and private projects across the industrial, commercial and residential space. For more information about the company, visit www.kniferiver.com.
Forward-Looking Statement
The information in this release includes certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained in this release, including, but not limited to, statements about the growth potential in Texas, reserves, and impacts on seasonality of our business, are expressed in good faith and are believed by Knife River to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. There can be no assurance that the actual results or developments anticipated by Knife River will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Knife River or its business or operations. 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 Knife River's Form 10-K and most recent Form 10-Q. All forward-looking statements in this release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, Knife River does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise.
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