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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.
News For CLH From The Last 14 Days
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January 20, 2015
07:45 EDTCLHClean Harbors to host business news update conference call
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07:33 EDTCLHClean Harbors sees FY15 adjusted EBITDA $530M-$570M
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07:32 EDTCLHClean Harbors sees FY14 revenue $3.4B-$3.42B, consensus $3.4B
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07:32 EDTCLHClean Harbors confirms FY14 revenue, adjusted EBITDa guidance
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07:31 EDTCLHClean Harbors to spin out Oil and Gas Field Services as standalone entity
Clean Harbors announced that, as a result of its strategic review, the company plans to carve out its Oil and Gas Field Services segment as a standalone public entity. Due to the synergies related to drilling activity, Clean Harbors also intends to include its lodging drill camps business from its Lodging segment as part of the new entity. “During the fourth quarter, we completed the comprehensive strategic review of our portfolio that we began in early 2014,” said Alan S. McKim, chairman and CEO. “The review was designed to determine the optimal mix of businesses to drive organic growth, enhance our margins and improve our return on invested capital. Based on this review, we are undertaking a number of initiatives to maximize shareholder value, including the carve-out of our Oil and Gas Field Services segment, while retaining the vast majority of our Lodging segment and our re-refining business.” Since acquiring many of the Oil and Gas segment’s assets in 2009, Clean Harbors has significantly grown the business and greatly expanded the value proposition it offers customers to encompass a combination of exploration, seismic and drilling support, solids/fluids control packages, disposal of drill cuttings and production services. Including the lodging drill camps business, the assets the Company plans to carve out generated approximately $250M in revenue through the first nine months of 2014. While the Oil and Gas Field Services segment experienced a down cycle in the past year, the company believes it constitutes an attractive long-term cyclical business that is well-positioned as a leader within many markets. Clean Harbors has hired Goldman Sachs & Co. as its financial advisor to assist in the proposed transaction, a process that could take more than 12 months. Completion of the transaction is subject to certain conditions, including, but not limited to, determination of the most advantageous structure from a financial and tax standpoint, receipt of regulatory approvals, the effectiveness of securities laws filings and final approval by the company’s Board of Directors. There can be no assurance regarding the ultimate structure and timing of the proposed transaction or whether the transaction will be completed.
07:31 EDTCLHClean Harbors names Eric Gerstenberg as COO
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07:30 EDTCLHClean Harbors to spin out Oil and Gas Field Services as standalone entity
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January 14, 2015
10:10 EDTCLHHigh option volume stocks
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