OAK BROOK, Ill.–(BUSINESS WIRE)– Amboy Aggregates, a joint venture between Great Lakes Dredge & Dock Company, LLC (“Great Lakes LLC”) and Ralph Clayton and Sons Materials, L.P., announced today the sale of real estate owned by the joint venture on December 31, 2014. 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. The sale of real estate included approximately forty-one acres of land located in South Amboy, New Jersey.
Jonathan Berger, Great Lakes Chief Executive Officer stated, “As we communicated throughout 2014, we have been committed to executing our strategy of divesting non-core assets so that we can focus exclusively on our core dredging and environmental services business. The sale of the Amboy Aggregates real estate represents yet another definitive step in our strategy.”