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North Dakota company completes purchase of Intermountain Gas

2008-10-06 06:30:00
Author: BizWire

Fargo, ND - A North Dakota company has completed its purchase of Boise’s Intermountain Gas Co.

MDU Resources Group Inc. of Bismarck bought Intermountain, a subsidiary of privately held Intermountain Industries Inc., for $328 million.

Intermountain Gas Co.’s name will not change.

Intermountain Gas serves more than 300,000 customers in 74 communities in Idaho, including the Boise metropolitan area, Twin Falls, Sun Valley, Pocatello and Idaho Falls.

Intermountain began operations in 1956 and employs 332 people.

“We are extremely pleased with this acquisition,” said Terry D. Hildestad, president and chief executive officer of MDU Resources. “Intermountain operates in a high-growth area, and its employee base is outstanding. This is just a great fit for our utility business.”

With the addition of Intermountain, MDU Resources Group’s total utility customer base exceeds 810,000 gas customers and 121,000 electric customers.

“We’ve been in the utility business for more than 80 years,” said Dave Goodin, president and chief executive officer of the corporation’s utility business. “We are committed to continue the high level of service that Intermountain customers have come to expect.”

Intermountain is now a wholly owned subsidiary of MDU Resources.

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