Great Lakes Dredge & Dock Corporation (GLDD): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the company that keeps our waterways navigable and coastlines protected? Great Lakes Dredge & Dock Corporation (GLDD), the largest provider of dredging services in the U.S., has been shaping landscapes since 1890, with a trailing 12-month revenue of $763 million as of December 31, 2024. But how exactly does GLDD operate, who owns it, and what's the story behind its success? Dive in to discover the history, mission, and financial workings of this key player in infrastructure and environmental projects, boasting a market capitalization of $598 million as of April 11, 2025.

Great Lakes Dredge & Dock Corporation (GLDD) History

Great Lakes Dredge & Dock Corporation Founding Timeline

Year established

The company was founded in 1890.

Original location

The Great Lakes Dredge & Dock Corporation was initially based in Chicago, Illinois.

Founding team members

Details on the specific founding team members are not widely available in historical records. However, it was established by a group of individuals with expertise in dredging and marine construction.

Initial capital/funding

Specific details regarding the initial capital or funding of Great Lakes Dredge & Dock Corporation are not readily available in the company's historical records.

Great Lakes Dredge & Dock Corporation Evolution Milestones

Great Lakes Dredge & Dock Corporation Transformative Moments

• Shift to Public Ownership: The transition to a publicly traded company in 1991 marked a significant change, enabling access to capital markets for growth and strategic initiatives.
• Focus on Environmental Dredging: Recognizing the growing importance of environmental sustainability, the company has increasingly focused on projects that mitigate environmental impacts and restore coastal habitats.
• Expansion into Coastal Restoration: With rising concerns about coastal erosion and the impact of storms, Great Lakes has expanded its capabilities in coastal restoration, undertaking large-scale beach nourishment and protection projects.
• Technological Advancements: Embracing new technologies in dredging and marine construction has allowed the company to improve efficiency, precision, and safety in its operations.

To gain more insights into the investors and stakeholders, check this out: Exploring Great Lakes Dredge & Dock Corporation (GLDD) Investor Profile: Who’s Buying and Why?

Great Lakes Dredge & Dock Corporation (GLDD) Ownership Structure

Great Lakes Dredge & Dock Corporation (GLDD) features a mixed ownership structure, with a significant portion of its shares held by institutional investors, indicating both public and private investment.

Great Lakes Dredge & Dock Corporation's Current Status

Great Lakes Dredge & Dock Corporation is a publicly traded company, meaning its shares are available for purchase by the general public on a stock exchange.

Great Lakes Dredge & Dock Corporation's Ownership Breakdown

The ownership of Great Lakes Dredge & Dock Corporation is distributed among various shareholders, including institutional investors, mutual funds, and individual investors. The following table summarizes the ownership breakdown:

Great Lakes Dredge & Dock Corporation's Leadership

The leadership team is responsible for setting the strategic direction and overseeing the operations. Key members of the leadership team include:

• Lasse Petterson: President and Chief Executive Officer
• Scott A. Cornell: Chief Financial Officer
• Christopher M. Gunsten: Chief Operating Officer

You might be also interested in Mission Statement, Vision, & Core Values of Great Lakes Dredge & Dock Corporation (GLDD).

Great Lakes Dredge & Dock Corporation (GLDD) Mission and Values

Great Lakes Dredge & Dock Corporation aims to execute sophisticated dredging operations and contribute to infrastructure development, while upholding strong values related to safety, integrity, and environmental stewardship.

Great Lakes Dredge & Dock Corporation's Core Purpose

Official mission statement

While an explicit, formally published mission statement is not readily available in recent sources, Great Lakes Dredge & Dock Corporation's activities and stated priorities reflect a commitment to:

• Delivering high-quality dredging services for infrastructure, coastal protection, and environmental projects.
• Maintaining a safe and sustainable work environment.
• Fostering strong relationships with clients, partners, and communities.

Vision statement

Similarly, a specific vision statement isn't formally published. However, the company's strategic actions suggest a vision focused on:

• Being a leader in the dredging industry through innovation and expertise.
• Expanding its capabilities and market presence.
• Contributing to the resilience and sustainability of coastal and marine environments.

Company slogan/tagline

No official slogan or tagline is found in the recent sources. The company generally emphasizes its experience, capabilities, and commitment to safety and environmental responsibility in its communications.

To gain more insights into the company's background, see Exploring Great Lakes Dredge & Dock Corporation (GLDD) Investor Profile: Who’s Buying and Why?

Great Lakes Dredge & Dock Corporation (GLDD) How It Works

Great Lakes Dredge & Dock Corporation (GLDD) is the largest provider of dredging services in the United States. They focus on a variety of projects related to deepening harbors, reclaiming land, and protecting coastlines.

Great Lakes Dredge & Dock Corporation's Product/Service Portfolio

Great Lakes Dredge & Dock Corporation's Operational Framework

GLDD’s operations are centered around marine construction and dredging. The company owns and operates a fleet of specialized dredging equipment, including:

• Hydraulic dredges: Used for moving large volumes of sediment.
• Mechanical dredges: Used for removing harder materials like clay and rock.
• Hopper dredges: Used for transporting dredged material over long distances.

Project execution typically involves:

• Surveying and site assessment to determine project requirements.
• Mobilization of equipment and personnel to the project site.
• Dredging operations, including material removal, transport, and placement.
• Monitoring and quality control to ensure compliance with specifications.

GLDD also focuses on safety and environmental stewardship, implementing measures to minimize disruption to marine ecosystems and protect worker safety.

Great Lakes Dredge & Dock Corporation's Strategic Advantages

GLDD maintains several competitive advantages in the dredging industry:

• Largest dredging fleet in the U.S.: GLDD operates a large and diverse fleet of dredging equipment, allowing it to handle a wide range of projects.
• Extensive experience: With over 130 years of experience, GLDD has a proven track record of successfully completing complex dredging projects.
• Strong customer relationships: GLDD has long-standing relationships with government agencies, port authorities, and private clients.
• Skilled workforce: GLDD employs a team of experienced engineers, project managers, and dredging professionals.

These advantages, along with a focus on innovation and efficiency, enable GLDD to maintain its leading position in the dredging market. To gain more insights into the company's guiding principles, check out: Mission Statement, Vision, & Core Values of Great Lakes Dredge & Dock Corporation (GLDD).

Great Lakes Dredge & Dock Corporation (GLDD) How It Makes Money

Great Lakes Dredge & Dock Corporation primarily generates revenue through dredging services, which involve removing sediment and debris from waterways to maintain or improve navigability, and through coastal protection projects, which aim to protect shorelines from erosion and storm damage.

Great Lakes Dredge & Dock Corporation's Revenue Breakdown

The revenue streams can be broken down as follows based on the 2024 fiscal year data:

Great Lakes Dredge & Dock Corporation's Business Economics

The business economics of Great Lakes Dredge & Dock Corporation (GLDD) are influenced by several key factors:

• Project Bidding: GLDD operates in a competitive bidding environment, securing projects based on cost estimates and technical capabilities.
• Equipment and Operational Costs: Significant investments in specialized dredging equipment and vessels are necessary, leading to high fixed and operational costs.
• Regulatory Environment: Compliance with environmental regulations and permitting requirements impacts project timelines and costs.
• Market Demand: Demand for dredging services is driven by the need to maintain shipping channels, expand port facilities, and restore coastal areas.
• Economic Conditions: Government infrastructure spending and overall economic activity influence the availability of projects.

Great Lakes Dredge & Dock Corporation's Financial Performance

Key aspects of the company's financial performance include:

• Revenue Stability: A consistent stream of dredging and coastal protection projects supports revenue stability.
• Profit Margins: Profit margins are influenced by project mix, operational efficiency, and competitive pressures.
• Backlog: Monitoring the project backlog provides insights into future revenue visibility. As of the end of 2024, the company's backlog stood at $788.4 million.
• Capital Expenditures: Ongoing investments in maintaining and upgrading the dredging fleet affect capital expenditures.
• Financial Health Metrics: Analyzing metrics such as revenue growth, gross margin, operating income, and net income provides a comprehensive view of financial health.

For more detailed insights into the company's financial well-being, you can explore: Breaking Down Great Lakes Dredge & Dock Corporation (GLDD) Financial Health: Key Insights for Investors

Great Lakes Dredge & Dock Corporation (GLDD) Market Position & Future Outlook

Great Lakes Dredge & Dock Corporation navigates a competitive landscape with a focus on strategic growth in the dredging industry. The company’s future outlook is shaped by its ability to capitalize on market opportunities and mitigate potential risks inherent in the industry.

Competitive Landscape

The dredging market is moderately concentrated, with a few major players holding significant market share. As of April 2025, estimates of market share can be derived from various industry reports and financial analyses, which are often updated annually. Here's a hypothetical view of the competitive landscape:

Opportunities & Challenges

Great Lakes Dredge & Dock Corporation faces a dynamic environment with various opportunities and risks that could impact its future performance.

Industry Position

Great Lakes Dredge & Dock Corporation holds a significant position in the dredging industry due to several factors:

• Market Leadership: The company is one of the largest providers of dredging services in the United States.
• Extensive Fleet: GLDD operates a large and diverse fleet of dredging equipment, enabling it to handle a wide range of projects.
• Project Expertise: With years of experience, GLDD has developed expertise in executing complex and large-scale dredging projects.

To gain more insights into the investors and ownership structure, you might find this resource helpful: Exploring Great Lakes Dredge & Dock Corporation (GLDD) Investor Profile: Who’s Buying and Why?