Great Lakes Sells Historical Demolition Business
OAK BROOK, Ill. -- April 24, 2014
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of
dredging services in the United States and a major provider of environmental
and remediation services, today announced that on April 23, 2014, it completed
the sale of NASDI, LLC and Yankee Environmental Services, LLC, its two
subsidiaries that comprise the historical demolition business, to a privately
owned demolition company located in the Midwest for $5.3 million. Great Lakes
retains the right to collect all outstanding accounts receivable and work in
process at the date of close, as well as any outstanding claims, and retains
certain obligations, including obligations related to performance bonds issued
for existing projects. The Company also retained a significant remediation
project that will be performed by our Terra subsidiary.
Jonathan Berger, Chief Executive Officer stated, “We are pleased to announce
the sale of the historical demolition business as we continue to refocus our
strategy and expand upon our success in environmental & remediation services
that complement our core dredging business. The new ownership structure is a
good fit for the historical demolition business and we wish all those related
to that business, best wishes on future endeavors.”
Please see the Company’s Form 8-K filed with the Securities and Exchange
Commission for more information on amendments to certain Great Lakes financing
agreements that were entered into in connection with the sale.
Great Lakes Dredge & Dock Corporation is the largest provider of dredging
services in the United States and the only U.S. dredging company with
significant international operations. The Company is also a significant
provider of environmental and remediation services. The Company owns a 50%
interest in a marine sand mining operation in New Jersey that supplies sand
and aggregate for road and building construction and a 50% interest in an
environmental service operation with the ability to remediate soil and dredged
sediment treatment. Great Lakes employs over 150 degreed engineers, most
specializing in civil and mechanical engineering, which contributes to its
124-year history of never failing to complete a marine project. Great Lakes
has a disciplined training program for engineers that ensures
experienced-based performance as they advance through Company operations.
Great Lakes also owns and operates the largest and most diverse fleet in the
U.S. industry, comprised of over 200 specialized vessels.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking"
statements as defined in Section 21E of the Securities Exchange Act of 1934
(the "Exchange Act"), the Private Securities Litigation Reform Act of 1995
(the "PSLRA") or in releases made by the Securities and Exchange Commission
(the "SEC"), all as may be amended from time to time. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors that could cause the actual results, performance or achievements of
Great Lakes and its subsidiaries, or industry results, to differ materially
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Statements that are not historical fact are
forward-looking statements. Forward-looking statements can be identified by,
among other things, the use of forward-looking language, such as the words
"plan," "believe," "expect," "anticipate," "intend," "estimate," "project,"
"may," "would," "could," "should," "seeks," or "scheduled to," or other
similar words, or the negative of these terms or other variations of these
terms or comparable language, or by discussion of strategy or intentions.
These cautionary statements are being made pursuant to the Exchange Act and
the PSLRA with the intention of obtaining the benefits of the "safe harbor"
provisions of such laws. Great Lakes cautions investors that any
forward-looking statements made by Great Lakes are not guarantees or
indicative of future performance. Important assumptions and other important
factors that could cause actual results to differ materially from those
forward-looking statements with respect to Great Lakes, include, but are not
limited to, risks and uncertainties that are described in Item 1A. "Risk
Factors" of Great Lakes’ Annual Report on Form 10-K for the year ended
December 31, 2012, and in other securities filings by Great Lakes with the
Although Great Lakes believes that its plans, intentions and expectations
reflected in or suggested by such forward-looking statements are reasonable,
actual results could differ materially from a projection or assumption in any
forward-looking statements. Great Lakes' future financial condition and
results of operations, as well as any forward-looking statements, are subject
to change and inherent risks and uncertainties. The forward-looking statements
contained in this press release are made only as of the date hereof and Great
Lakes does not have or undertake any obligation to update or revise any
forward-looking statements whether as a result of new information, subsequent
events or otherwise, unless otherwise required by law.
For further information contact:
Great Lakes Dredge & Dock Corporation
Katie Hayes, Investor Relations
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