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Slide #86. Great Lakes Dredge & Dock Corporation — Terra Contracting, LLC
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)
Terra Contracting, LLC
Great Lakes Dredge & Dock Corporation, the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services, today announced it has acquired the assets of Terra Contracting, LLC ("Terra"), one of the nation's premier providers of a wide variety of essential services for environmental, maintenance and infrastructure-related applications for approximately $20 million. Terra's remediation, maintenance/repair, abatement and emergency response services provide corporate and governmental customers with one of the industry's broadest arrays of project-critical environmental solutions. Seller proceeds will be used to pay down debt and provide a return of equity to ownership.
Great Lakes Dredge & Dock is a provider of dredging services. Co. provides dredging services in the East, West, and Gulf Coasts of the U.S. and worldwide. Co. operates in one operating segment, which is also Co.'s sole reportable segment and reporting unit. Dredging generally involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Domestically, Co.'s work generally is performed in coastal waterways and deep water ports. The U.S. dredging market consists of the following primary types of work: capital, coastal protection, maintenance and rivers and lakes.
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Strong Buy (4.00 out of 4)