Knife River Corporation announced the acquisition of Morgan Asphalt Inc., an aggregates‑based asphalt paving company located in the Salt Lake City, Utah area. The deal adds a new regional footprint to Knife River’s Mountain segment and positions the company to serve both public and private‑sector customers across northern Utah.
Morgan Asphalt brings approximately 250 employees during peak construction season, a plant in western Salt Lake City, and a track record of over 30 years of proven reserves. Its operations include aggregate crushing, asphalt production, and contracting services such as paving, excavating, and grading, giving Knife River immediate scale and local expertise in a fast‑growing market.
The acquisition aligns with Knife River’s broader strategy of expanding through targeted acquisitions. The company’s Q4 2025 earnings, released on February 17, 2026, showed revenue up 15% year‑over‑year to $755.1 million and adjusted EBITDA up 47% to $119.4 million, driven by higher materials sales volumes and the contribution of recent acquisitions.
Brian Gray, Knife River’s President and CEO, said, '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.' He added, '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.'
The acquisition is expected to enhance Knife River’s service offering in northern Utah, a region experiencing significant infrastructure investment, and to strengthen its position in the Mountain segment as the company continues to pursue growth through acquisitions and operational integration.
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