Great Lakes Dredge & Dock Corporation (GLDD)

Great Lakes Dredge & Dock Corporation is a provider of dredging services in the United States and one of the largest in the country. The business traces its origins to 1890 and its predecessor Lydon & Drews Partnership, and it adopted the Great Lakes Dredge & Dock name in the early twentieth century. The company was long associated with Chicago-area operations before its headquarters moved to Houston, Texas.

Its work includes capital dredging for port and harbor deepening, coastal protection and beach nourishment projects that move sand onto eroding shorelines, maintenance dredging of channels and waterways, and land reclamation. The company also performed related marine construction and, for a time, offered environmental and infrastructure services. Its principal customers were the U.S. Army Corps of Engineers and other federal, state and local government agencies, along with foreign governments and private-sector clients such as energy and utility companies.

A distinguishing feature of the business was its fleet, one of the largest in the domestic dredging industry, which included hopper dredges, hydraulic and mechanical dredges, material transportation barges, a drillboat and support vessels. Because of the Jones Act and related cabotage rules, domestic dredging is restricted to U.S.-built and U.S.-flagged vessels, which shaped competition and capital spending in the industry. The company invested in newer vessels, including large hopper dredges, to meet demand tied to port expansion and coastal resilience programs.

Great Lakes became a public company in 2006 and its common stock traded on the Nasdaq Global Select Market under the symbol GLDD. Over the years, results varied with federal appropriations, weather, project timing and the cost of vessel construction and maintenance. Offshore wind and port deepening work were additional sources of demand discussed in its public filings.

In early 2026, Saltchuk Resources, a privately held Seattle-area holding company that owns more than 30 businesses in freight transportation, marine services and energy distribution, agreed to acquire Great Lakes for $17.00 per share in cash, an enterprise value of about $1.5 billion. The purchase was structured as a tender offer followed by a merger.

The tender offer expired one minute after 11:59 p.m. on March 31, 2026, with about 79.88 percent of outstanding shares validly tendered, and Saltchuk completed the acquisition on April 1, 2026. Trading in the stock ceased before the market opened that day, and a Form 25 was filed with the SEC on April 1 to remove the shares from listing. Great Lakes continues as a stand-alone business unit under Saltchuk, with Lasse Petterson remaining as president and chief executive officer.

In a tender offer, shareholders who did not tender before expiration were cashed out in the second-step merger at the same price. The delisting follows the Securities Exchange Act process, in which a Form 25 becomes effective ten days after filing and registration is later terminated. The company also had outstanding debt that was the subject of a separate tender offer.