Clean Harbors Inc. recently announced that it has signed a definitive agreement to acquire Safety-Kleen Inc. Under the terms of the agreement, Clean Harbors will purchase Safety-Kleen in an all-cash transaction valued at $1.25 billion.
The transaction, which is expected to be completed by the end of the year, will enable Clean Harbors to broaden its waste-treatment capabilities to include re-refining waste oil and expanded solvent recycling capabilities as well as drive significant waste volumes into its existing waste-disposal treatment network.
"This acquisition is a landmark achievement for Clean Harbors that we believe will build significant long-term value for our shareholders," said Alan S. McKim, Clean Harbors chairman and chief executive officer. "Adding Safety-Kleen's re-refining and recycling capabilities to our current offerings will enhance the sustainability options available to our existing customers and significantly broaden the range of services we can offer customers of both companies."
With approximately 4,200 employees serving more than 200,000 customer locations in the United States, Canada and Puerto Rico, Safety-Kleen is the largest re-refiner and recycler of used oil in North America and a leading provider of parts cleaning and environmental services. Currently, the company collects approximately 200 million gallons of used oil annually, the majority of which it returns to the marketplace as reusable motor oil.
Headquartered in Norwell, Mass., Clean Harbors is a leading provider of environmental, energy and industrial services with more than 200 locations throughout North America in 38 U.S. states, seven Canadian provinces, Mexico and Puerto Rico. For more information, visit www.cleanharbors.com.