OAK BROOK, Ill.--(BUSINESS WIRE)--Amboy Aggregates, a joint venture between Great Lakes Dredge and Dock Company, LLC (“Great Lakes LLC”) and Ralph Clayton and Sons Materials, L.P., has divested its wholly-owned subsidiary, New York Sand and Stone, LLC (“NYSS”), to Eastern Concrete Materials, Inc., a wholly-owned subsidiary of U.S. Concrete, Inc. (NASDAQ:USCR). Great Lakes LLC is a wholly owned subsidiary of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) (“Great Lakes”) that has a 50% interest in Amboy Aggregates, a sand dredging operation in New Jersey that distributes the dredged sand and other aggregates for use in road and building construction and for clean land fill. Located in Brooklyn, NYSS is a major supplier of crushed stone, sand and gravel to the construction industry in the New York metropolitan area. The sale includes the assignment of leases to operate two existing aggregate distribution terminals on the East River in Brooklyn, N.Y.
Amboy Aggregates President Richard Rosamilia commented, “We are pleased to announce the sale of New York Sand & Stone and believe that its new owner, Eastern Concrete Materials, is a good fit for the company as it continues to serve the New York metropolitan market.”
Jonathan Berger, Great Lakes Chief Executive Officer stated, “The sale of New York Sand & Stone marks another step in our strategy to divest non-core assets and focus on our core dredging and environmental services markets. We wish the best of luck to all parties involved in the transaction.”
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States and the only U.S. dredging company with significant international operations. The Company is also a significant provider of environmental and remediation services. Great Lakes employs over 150 degreed engineers, most of whom specialize in civil and mechanical engineering, which contributes to its 124-year history of never failing to complete a marine project. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. Great Lakes also owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of over 200 specialized vessels.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking" statements as defined in Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission (the "SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "would," "could," "should," "seeks," or "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements with respect to Great Lakes, include, but are not limited to, risks and uncertainties that are described in Item 1A. "Risk Factors" of Great Lakes’ Annual Report on Form 10-K for the year ended December 31, 2013, and in other securities filings by Great Lakes with the SEC.
Although Great Lakes believes that its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Great Lakes' future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.