Great Lakes Dredge and Docks has announced the sale of its ‘historical’ demolition businesses, NASDI LLC and Yankee Environmental Services LLC, for a total of US$5.3 million (€3.9 million). The sale was completed on April 2013 to a privately owned demolition contractor based in Midwest USA, subsequently identified as Dore & Associates.
Great Lakes CEO Jonathon Berger said of the deal: "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."
Great Lakes will collect any outstanding monies for works already carried out by the two companies as well as for work underway at the time of the closing of the deal, as well as retaining certain obligations, including those relating to existing projects. A significant remediation capability will be retained that will be performed by the Terra subsidiary.