Morgan Asphalt Inc., an aggregates-based asphalt paving company headquartered in Magna, has been acquired by Knife River Corp., one the 10 largest aggregate, ready-mix and sand and gravel producers in the nation.
Knife River is based in Bismarck, North Dakota. The company has acquired nearly 70 companies in 14 states over the past few years and employs more than 5,000 people.
Founded by Thomas Morgan in 1996, Morgan Asphalt employs over 250 people during the peak construction season and is a major regional contractor specializing in asphalt, aggregate crushing and production, paving, excavation 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.”
Financial details of the acquisition were not disclosed.