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Clean Harbors to buy Safety-Kleen
Industrial service company Clean Harbors of Norwell, Mass., has agreed to purchase Safety-Kleen of Richardson, Texas, for $1.25 billion, the companies said.
Clean Harbors offers an environmental cleanup service to industries. Safety-Kleen focuses on cleaning industrial equipment and recycling oil.
Safety-Kleen reportedly took in $1.3 billion in revenue in 2011, earning $135 million in net income.
“This acquisition is a landmark achievement for Clean Harbors that we believe will build significant long-term value for our shareholders,” said Alan McKim, chairman and chief executive officer.
“Adding Safety-Kleen’s re-refining and recycling capabilities to our current offerings will enhance the sustainability options available to our existing customers and significantly broaden the range of services we can offer customers of both companies,” he said.
Copyright 2012 by United Press International