L.W.Matteson, Inc

LW Matteson confirmed sold for US$45 million

Company News - January 10, 2011

Trading Markets has confirmed that the assets of LW Matteson Inc, a maintenance dredging, environmental dredging and levee construction company based in Burlington, has been acquired for US$45 million by Great Lakes Dredge & Dock Corp, the largest US-based provider of dredging services.

The acquisition will be funded with US$37.5 million in cash and a seller note of US$7.5 million. Great Lakes Dredge and Dock Corp has acquired all the equipment in LW Matteson's dredging and levee construction operations, which includes eight dredges, 13 tugboats, 17 barges, 20 pieces of earth-moving equipment, and a host of other support equipment.

The Matteson acquisition is expected to add US$35-40 million to Great Lakes revenue in 2011.

"We believe the acquisition provides us the expertise and assets to perform on projects in the rivers, environmental lake dredging and levee repair markets," said Great Lakes CEO Jon Berger. "We expect to see continued strong and growing demand for each of these segments."

Source: Dredging News Online (www.sandandgravel.com)