Insurance company Markel Corp. (MKL: Quote) said Tuesday that Ellicott Dredge Enterprises LLC, through its subsidiary Rohr International Dredge Holdings Inc., acquired IDRECO GmbH. The financial terms of the deal were not disclosed.
Ellicott is a part of Markel Ventures Inc., which in turn is a subsidiary of Markel Corp.
IDRECO, which is based in Heerenberg, The Netherland, provides deep digging electrical suction and cutter suction dredges serving primarily the sand and gravel and mining sectors.
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 all our customers worldwide."
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by RTT Staff Writer
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