NORWELL, Mass. and SCOTTSDALE, Ariz., Feb.
4, 2015 /PRNewswire/ -- Clean Harbors, Inc. ("Clean
Harbors") (NYSE: CLH), the leading provider of environmental,
energy and industrial services in North
America, and Nuverra Environmental Solutions, Inc. (NYSE:
NES) ("Nuverra"), a leading provider of full-cycle environmental
solutions to energy end-markets, today announced a definitive
agreement has been reached, whereby Clean Harbors will acquire
Nuverra's subsidiary Thermo Fluids Inc. (TFI) for $85 million in an all-cash transaction.
The companies expect to complete the acquisition, which is
subject to customary closing conditions, including, but not limited
to, regulatory approval, by early March
2015.
Clean Harbors Chairman and Chief Executive Officer Alan S. McKim, said, "TFI is a leading provider
of route-based environmental services, which represents an
attractive acquisition opportunity that will support both
components of our Safety-Kleen business. The addition of
TFI's environmental business will perfectly complement our SK
Environmental Services business, as well as drive incremental
volumes into our hazardous waste disposal facilities.
"Its regionally focused business model has enabled TFI to
achieve both operating scale and route density in the markets it
serves," added Mr. McKim. "At the same time, as one of the
largest collectors of used motor oil in the western U.S., TFI will
add approximately 50 million gallons of waste oil to Safety-Kleen's
recycling and re-refining business. We expect to effectively
leverage its highly scalable platform of collection facilities,
storage capabilities, rail assets and transportation fleet with our
existing re-refining infrastructure."
Mark D. Johnsrud, Nuverra's
Chairman and Chief Executive Officer, stated, "Our strategy has
been to focus on our core shale environmental solutions business,
and this transaction is consistent with that approach. We are
pleased to monetize our TFI business to provide further support to
that strategy. As the leading environmental and industrial services
company in North America, Clean
Harbors will be an excellent steward for TFI going forward."
Based in Scottsdale, AZ, TFI
provides environmental services in 21 U.S. states through a network
of 36 permitted facilities. The company operates a
well-maintained fleet of trucks and rail cars in servicing more
than 20,000 customers. TFI's range of environmental services
includes used oil recycling, used oil filter recycling, antifreeze
products, parts washers and solvent recycling. Its industrial
waste management services include vacuum services, remediation, lab
pack and hazardous waste management.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North
America's leading provider of environmental, energy and
industrial services. The Company serves a diverse customer base,
including a majority of the Fortune 500, across the chemical,
energy, manufacturing and additional markets, as well as numerous
government agencies. These customers rely on Clean Harbors to
deliver a broad range of services, such as end-to-end hazardous
waste management, emergency spill response, industrial cleaning and
maintenance, and recycling services. Through its Safety-Kleen
subsidiary, Clean Harbors also is North
America's largest recycler and re-refiner of used oil and a
leading provider of parts washers and environmental services to
commercial, industrial and automotive customers. Founded in 1980
and based in Massachusetts, Clean
Harbors operates throughout the United
States, Canada,
Mexico and Puerto Rico. For more information, visit
www.cleanharbors.com.
About Nuverra
Nuverra Environmental Solutions is among the largest companies
in the United States dedicated to
providing comprehensive and full-cycle environmental solutions to
customers in energy and industrial end-markets. Nuverra focuses on
the delivery, collection, treatment, recycling, and disposal of
restricted solids, water, wastewater, used motor oil, spent
antifreeze, waste fluids and hydrocarbons. Nuverra continues to
expand its suite of environmentally compliant and sustainable
solutions to customers who demand stricter environmental compliance
and accountability from their service providers. Interested parties
can access additional information about Nuverra on its web site at
http://www.nuverra.com, and in documents filed with the United
States Securities and Exchange Commission, on the SEC's web site at
http://www.sec.gov.
Safe Harbor Statement
Any statements contained herein that are not historical facts
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are generally identifiable by use of the words
"believes," "expects," "intends," "anticipates," "plans to,"
"estimates," "projects," or similar expressions. Such statements
may include, but are not limited to, statements about Clean
Harbors' planned acquisition of Thermo Fluids Inc. and Nuverra's
planned divestiture of Thermo Fluids Inc., and other statements
that are not historical facts. Such statements are based upon the
beliefs and expectations of Clean Harbors' or Nuverra's management
as of this date only and are subject to certain risks and
uncertainties that could cause actual results to differ materially,
including, without limitation, those items identified as "risk
factors" in Clean Harbors' or Nuverra's most recently filed Form
10-K and Form 10-Q. Therefore, readers are cautioned not to place
undue reliance on these forward-looking statements. Neither Clean
Harbors nor Nuverra undertakes any obligation to revise or publicly
release the results of any revision to these forward-looking
statements other than through its filings with the Securities and
Exchange Commission, which may be viewed in the "Investors" section
of Clean Harbors' website at www.cleanharbors.com and in the
"Investors" section of the Nuverra website at www.nuverra.com.
Contacts:
Eric Kraus
EVP Corporate Comm. & Public Affairs
Clean Harbors, Inc.
781.792.5100
Kraus.Eric@cleanharbors.com
Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
Buckley.James@cleanharbors.com
Liz Merritt
VP Investor Relations
Nuverra Environmental Solutions
480.878.7452
Liz.Merritt@nuverra.com
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SOURCE Nuverra Environmental Solutions, Inc.