New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 20, 2014
13:53 EDTVTNRVertex Energy trades at 52-week high after strategic acquisition
Shares of Vertex Energy (VTNR), an environmental services company, are exploding to the upside after announcing last night that it made a strategic acquisition that adds over 80M gallons of re-refining capacity and significantly expands engineering talent and capabilities. WHAT'S NEW: Vertex agreed to acquire certain assets of Omega Holdings related to the re-refining and processing of used motor oil and the distribution of fuel oils and base lubricating oils. The purchase price for the acquisition is $30.75M in cash, 2M shares of Vertex’s common stock, and the assumption of approximately $9.7M in capital leases and other liabilities. 1M shares of stock will be held in escrow to satisfy post-closing obligations, liabilities and indemnities. Vertex CEO Benjamin Cowart stated, "We are pleased by this agreement with Omega Holdings Company as it highlights Vertex's strategy to enhance its footprint and value nationally. Omega represents over 80M gallons of re-refining capacity of use motor oil in the U.S. We expect the acquisition to be accretive immediately. At the completion of this acquisition, we will have a combined re-refining capacity of approximately 110M gallons of Used Motor Oil." PRICE ACTION: Shares of Vertex are up 17% to $4.47 in afternoon trading.
News For VTNR From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
December 19, 2014
12:46 EDTVTNRVertex Energy moving to service fee model for used motor oil feedstock
Vertex Energy announced a change in pricing for the sourcing of used motor oil, the primary feedstock for the company’s processing facilities. After reducing the Pay for Oil price for internally collected UMO by over 50% since September, the company will be moving to a service fee model for the collection of used motor oil and environmental services starting in 2015. The third party oil purchasing prices are currently being reset to reflect the current market conditions. CEO Benjamin Cowart said, “As a major refiner and one of the largest third party UMO buyers in North America, we are joining others in taking a leadership role in improving industry profitability. It is our belief that it is time for the collectors to start charging for their services given the current market conditions and the value the industry adds in the handling of this regulated waste stream. Moving to a charge for services model for collected UMO is a key milestone in improving the long term prospects of the industry.”

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use