Knife River Expands into Utah with Acquisition of Morgan Asphalt in Salt Lake City

BISMARCK, N.D.--(BUSINESS WIRE)-- Knife River Corporation (NYSE: KNF) announced today that it has acquired Morgan Asphalt Inc., an aggregates-based asphalt paving company in the Salt Lake City, Utah, area.

Morgan serves public and private-sector customers across northern Utah. Operations include:

• Aggregate crushing and production, with well over 30 years of proven reserves.
• Asphalt production, with a plant in the west Salt Lake City area.
• Contracting services, including asphalt paving, excavating and grading.

“We’re excited about this strategic expansion of our Mountain Region and establishing a footprint in one of the fastest-growing states in the nation,” said Brian Gray, Knife River President and CEO. “Thom Morgan, Matt Morgan and their team have built an excellent reputation in the market, and this acquisition provides Knife River a growth platform that will be integrated into our existing regional operations. We’re excited to welcome Morgan Asphalt to the Knife River team ahead of the 2026 construction season, and we look forward to additional growth opportunities across our 15-state footprint.”

Morgan employs approximately 250 people during peak construction season.

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 Utah, aggregate reserves, strategic expansion and integration, 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. 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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Media Contact:

Tony Spilde, Vice President of Communications, Media@kniferiver.com

Investor Contact:

Dara Dierks, Vice President of Investor Relations, IR@kniferiver.com

Source: Knife River Corporation