It was announced on Great Lakes Dredge and Dock Corporation’s earnings call, that Terra Contracting Services, LLC (Terra) has entered into a definitive agreement to sell the assets associated with its service lines of business (including underground infrastructure, abatement, emergency response, industrial services, oil & gas, and pipeline services). The sale excludes the personnel and assets associated with Terra’s remediation service line which will continue to operate under the Terra Contracting Services, LLC name as a division of Great Lakes Environmental and Infrastructure Solutions (GLEIS).
We see this as a very necessary and positive development for the Company that will further clarify and strengthen our position in the environmental construction market and gives us the opportunity to focus on our core competencies – remediation and geotechnical construction. It furthers Great Lakes Dredge and Dock’s strategic vision to be a leading provider of environmental restoration and remediation projects in-water and on land with emphasis on targeting large multi-million dollar contracts that best leverage the Company’s financial, operational, and brand strengths.
We expect the transaction to close by end of October.
WHO WE ARE
From inception, Great Lakes Environmental & Infrastructure (GLEI) (formerly Magnus Pacific) is one of the largest environmental contractors in the U.S. offering geotechnical and remediation services across a national footprint. GLEI became a subsidiary of Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), the largest dredging contractor in the United States and the only one with an international presence, in November 2014. Under the GLDD umbrella, GLEI has been able to expand its resources and leverage GLDD’s expertise of managing sediment on water that it has amassed over its 125 year history.