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BRIEF-Great Lakes to close out co's Brazil operations in first part of Q4​
October 6, 2017 / 1:50 PM / in 2 months

BRIEF-Great Lakes to close out co's Brazil operations in first part of Q4​

Oct 6 (Reuters) - Great Lakes Dredge & Dock Corp:

* Great Lakes CEO provides business update

* Great Lakes Dredge & Dock Corp - ‍changes will result in a restructuring charge of approximately $42-$47 million​

* Great Lakes Dredge & Dock Corp - “‍as noted on qtrly earnings call on August 2, we are executing a deep dive into our operational and financial performance”​

* Great Lakes Dredge & Dock Corp - ‍majority of charge will be recognized in third and fourth quarters of 2017​

* Great Lakes Dredge & Dock Corp - the ‍reductions, majority in fixed costs, expected to generate annual cost savings of about $40 million to be realized in 2019​

* Great Lakes Dredge & Dock Corp - ‍sea-trials expected to take about 10 days but may be delayed by tropical storm nate, which is projected to impact gulf of mexico​

* Great Lakes Dredge & Dock - ‍as a result of operational review, in first part of Q4, management will execute a plan to close out co’s Brazil operations​

* Great Lakes Dredge & Dock Corp - ‍commissioning phase of ellis island was impacted by hurricane irma​ Source text for Eikon: Further company coverage:

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