Markel Corp. announced in July that Ellicott Dredge Enterprises, through its subsidiary Rohr International Dredge Holdings, has acquired IDRECO GmbH (IDRECO), based in Heerenberg, The Netherlands. IDRECO is a major supplier of deep-digging electrical suction and cutter suction dredges serving primarily the sand and gravel and mining sectors. Ellicott is a subsidiary of Markel Ventures, Inc. Terms of the transaction were not disclosed.
Ellicott’s President Peter Bowe said, “Having IDRECO as part of the Ellicott group will increase our footprint in the European market place, as well as fulfill our continuing corporate pursuit of new dredging technology solutions for our customers worldwide.”
Heiko Osterchrist, Rohr’s managing director, commented, “IDRECO will complement Rohr’s bucket ladder and clamshell dredge excavating technology, solidifying our position as a producer of deep digging dredges that operate at the lowest cost per ton in our industry.”
Markel Ventures, a subsidiary of Markel Corp., said its primary objective is to make strategic and generally controlling investments in businesses that operate outside of the specialty insurance marketplace. Its goal, according to a press statement, is to contribute to the long-term financial performance of Markel Corp. through the value-creating operating activities of its subsidiaries.