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 September.
WHO WE ARE
Terra Contracting Services, LLC is a premier environmental contracting company that provides exceptional environmental services to clients throughout the United States. We have earned a reputation for excellence in handling a wide range of projects that include soil, water and sediment remediation; 24-hour environmental response; industrial cleaning; municipal services; abatement services; hazardous waste removal; oil and gas field services; pipeline; and other related services. Terra 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 December 2012. Under the GLDD umbrella, Terra 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.
WHAT WE DO
Terra provides environmental contracting solutions for sediment, soil, and groundwater remediation; landfill management; hazardous waste removal; and related services.
We also offer environmental response services to manage problems for virtually any material or waste 24 hours a day, 365 days a year.