Clean Harbors (CLH) To Acquire Eveready

Posted by | # |
06:05:26 am on April 30, 2009

Clean Harbors just announced a deal to acquire the Canadian company Eveready, Inc. The total cost of the acquisition will be $464 million, of which $202 million will be used to buy Eveready stock and $262 million will be used to acquire Eveready’s debt. The deal is expected to be concluded in the third quarter.

Executives from Clean Harbors commented on the deal in an article from the Canadian Press:

Clean Harbors, with 4,800 employees, said the deal will provide the company with its first foothold in markets beyond North America through services Eveready offers to refineries in Europe, South America and Asia.

"This transaction represents another major milestone as we build our company’s future and create long-term value for our shareholders," said Alan McKim, Clean Harbors’ chairman and chief executive.

"The acquisition of Eveready greatly enhances our presence in the attractive industrial services market and broadens the range of services we can offer customers of both companies."

"We envision substantial cross-selling opportunities with Eveready’s blue-chip customer base, particularly with respect to refineries and other energy companies. Geographically, this transaction will significantly advance our position in the Canadian marketplace, and afford us with expanded service offerings in our existing U.S. and Canadian locations."

Clean Harbors rose more than 11 percent on the news, closing at $51.48

Tags: , ,
 
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.

Comments  

No comments yet.

Leave a comment

(required)

(required)


*