09:09 AM EDT, 10/02/2024 (MT Newswires) -- MDU Resources Group ( MDU ) said Wednesday that its board has approved the spinoff of Everus Construction Group, which will be completed through a distribution of shares to MDU stockholders.

The company said that MDU shareholders will receive one share of Everus for every four MDU shares they own as of Oct. 21, 2024. The distribution will occur on Oct. 31 and Everus shares will trade on the New York Stock Exchange under the ticker symbol "ECG" starting Nov. 1, MDU said.

Shares of MDU were down 3.3% in recent Wednesday premarket activity.