Dredging firm sells its two subsidiaries for $5.3 million.
The dredging firm Great Lakes Dredge & Dock Corp. (GLDD) has completed the sale of NASDI LLC and Yankee Environmental Services LLC, its two subsidiaries that comprise its demolition business. The company sold the two businesses to a Midwest demolition company for $5.3 million. The name of the company has not been disclosed.
GLDD adds that it will still retain 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 has retained a remediation project that will be performed by its Terra subsidiary.
Jonathan Berger, GLDD’s CEO, says, “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 and 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.”