Covanta (CVA) Completes Stage One In Acquiring Veolia’s North American EfW Business

Posted by Tate Dwinnell | # |
10:34:37 am on August 24, 2009

Covanta just announced that it has finished the first stage of its acquisition of Veolia’s North American energy-from-waste business. The 7 facilities involved in this stage include one in California, 2 in New York, 3 in Pennsylvania, and one in Canada. Each of the facilities acquired comes with a long-term contract for the energy produced with the associated municipal client.

Covanta expects to complete the acquisition this year by acquiring Veola’s operating contract for a facility in Miami-Dade, Florida.

In a press release, Anthony Orlando, Covanta’s CEO, commented on the transaction:

“The strategic acquisition of Veolia’s North American EfW business compliments our industry leading portfolio. I am proud of our team for moving so quickly to complete this first stage of the acquisition. We’re excited to be welcoming six new clients and a group of talented employees to the Covanta family and will begin integration efforts immediately that will allow us to achieve operational efficiencies.”

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