Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) completed the sale of NASDI LLC and Yankee Environmental Services LLC, two subsidiaries that comprised its demolition business, to a privately owned demolition company located in the Midwest for $5.3 million.
"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," said Jonathan Berger, Chief Executive Officer. "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."
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.
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. The 124-year-old company has significant international dredging operations and is a 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.