Saltchuk Acquires Great Lakes Dredge & Dock Corporation
Saltchuk Resources has completed the acquisition of Great Lakes Dredge & Dock Corporation for approximately $1.5 billion. The deal expands Saltchuk's workforce to nearly 10,000 employees and adds dredging services to its portfolio.
Saltchuk Resources, Inc. has officially welcomed Great Lakes Dredge & Dock Corporation into its family of companies. The transaction, valued at approximately $1.5 billion, closed with an offer of $17.00 per share in cash.
The acquisition brings Saltchuk's total workforce to nearly 10,000 employees. The company stated its commitment to providing safe, responsible, and reliable service to the communities it serves. Great Lakes Dredge & Dock will continue to operate as a standalone business unit under its existing leadership.
The deal diversifies Saltchuk's portfolio by adding dredging services. The company already operates over 30 other businesses in the U.S. focused on freight transportation, marine services, and energy distribution.
Great Lakes Dredge & Dock is the largest dredging service provider in the United States and has also expanded into the offshore energy sector. The company operates a fleet of approximately 200 specialized vessels and reports a history of successfully completing all its marine projects throughout its 136-year existence.