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Stock Market & Financial Investment News

News Breaks
December 28, 2012
16:09 EDTCLHClean Harbors completes acquisition of Safety-Kleen
Clean Harbors announced the completion of its acquisition of Safety-Kleen. Clean Harbors purchased Safety-Kleen in an all-cash transaction valued at approximately $1.25B, financed through the combination of $289M of existing cash, $370M in net proceeds from its recently completed follow-on offering of common stock and $591M in net proceeds from its recently completed Senior Notes offering. Based on the current operating and anticipated future performance of Safety-Kleen, Clean Harbors expects the acquisition will be immediately accretive, excluding one-time fees and acquisition-related expenses. For 2012, Safety-Kleen expects revenues of approximately $1.35B and adjusted EBITDA of approximately $160M. For 2013, Clean Harbors expects that on a combined basis with Safety-Kleen, it will have revenues in the range of $3.72B to $3.77B. The company expects its combined 2013 adjusted EBITDA to be in the range of $605M to $620M, including approximately $30M of acquisition-related synergies. These combined estimates include the previously announced stand-alone revenues for Clean Harbors in the range of $2.30B to $2.35B and adjusted EBITDA in the range of $425M to $435M.
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February 3, 2016
07:14 EDTCLHVertex Energy sells Nevada facility for $35M to Clean Harbors
Vertex Energy (VTNR) has sold its Nevada re-refinery facility, which is located in Churchill County, to Clean Harbors (CLH) for $35M, of which approximately $14M was immediately used at closing to purchase the facility and equipment previously leased by Vertex Energy in order to facilitate such sale. Benjamin P. Cowart, Chairman and CEO of Vertex Energy, said, "This transaction benefits Vertex Energy in a variety of ways, not the least of which is by strengthening our balance sheet. As we noted in our third quarter Form 10-Q filing and on the conference call that followed, the Churchill County facility had an average carrying cost of $1.5 million per quarter. We eliminate those costs with this transaction. At the end of the third quarter of 2015, our cash and cash equivalents were over $4 million. This sale and related transactions will bring that cash position to more than $10 million. We also used $16 million of sale proceeds to pay down our term debt."

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