Clean Harbors to Acquire Certain Assets of Romic Environmental Technologies Corporation
June 26 2007 - 4:39PM
Business Wire
Clean Harbors, Inc. (�Clean Harbors�) (NASDAQ: CLHB), the leading
provider of environmental and hazardous waste management services
throughout North America, today announced that it has reached a
definitive agreement to acquire certain assets owned by Romic
Environmental Technologies Corporation (�Romic�) including seven
service centers. This agreement will expand Clean Harbors� presence
in the Northwest and Southwest United States. Terms of the
agreement were not disclosed. Romic, based in East Palo Alto,
California, specializes in the collection and recycling of both
hazardous and non-hazardous waste materials. Clean Harbors is not
acquiring Romic�s facilities in East Palo Alto, California and
Chandler, Arizona, but will redirect Romic customer waste streams
to Clean Harbors� comprehensive network of facilities. Clean
Harbors expects to generate revenues of approximately $25-$30
million from the acquired assets in the first year after the
acquisition. �The Romic acquisition affords us an outstanding
opportunity to expand our West Coast presence and further leverage
our unmatched infrastructure of landfills, incinerators and
wastewater treatment centers,� said Alan S. McKim, Chairman and
Chief Executive Officer. �The location of the seven service centers
is an ideal fit with our current network and is in-line with our
strategy to grow our Technical Services business in underpenetrated
markets. Romic has a strong heritage in the West Coast region. We
look forward to working closely with the Romic team to better serve
the diverse customer base that the company has steadily built
during the past 40 years.� Rory Moran, Interim President of Romic
Environmental Technologies Corporation said, �This agreement with
Clean Harbors provides the employees of Romic the opportunity to
grow with a dynamic company with tremendous resources. We will be
working closely with Clean Harbors to ensure that we continue to
provide quality service to meet all of our customers� needs during
the transition. We expect this deal to close shortly and look
forward to a smooth transition.� About Clean Harbors, Inc. Clean
Harbors, Inc. is North America's leading provider of environmental
and hazardous waste management services. With an unmatched
infrastructure of 49 waste management facilities, including nine
landfills, six incineration locations and six wastewater treatment
centers, the Company provides essential services to over 45,000
customers, including more than 325 Fortune 500 companies, thousands
of smaller private entities and numerous federal, state and local
governmental agencies. Headquartered in Norwell, Massachusetts,
Clean Harbors has more than 100 locations strategically positioned
throughout North America in 36 U.S. states, six Canadian provinces,
Mexico and Puerto Rico. For more information, visit
www.cleanharbors.com. 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, and involve risks and uncertainties. These
forward-looking statements are generally identifiable by use of the
words �believes,� �expects,� �intends,� �anticipates,� �plans to,�
�estimates,� �projects,� or similar expressions. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those reflected in these forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which reflect management�s opinions only as of the date
hereof. The Company undertakes no obligation to revise or publicly
release the results of any revision to these forward-looking
statements other than through its various filings with the
Securities and Exchange Commission. Furthermore, all financial
information in this press release is based on preliminary data and
is subject to the final closing of the Company�s books and records.
A variety of factors beyond the control of the Company may affect
the Company�s performance, including, but not limited to: The
Company�s ability to successfully integrate Romic�s operations and
assets into its existing network of services and disposal
facilities; The Company�s ability to manage the significant
environmental liabilities that it assumed in connection with the
CSD and Teris acquisitions; The availability and costs of liability
insurance and financial assurance required by governmental entities
relating to our facilities; The effects of general economic
conditions in the United States, Canada and other territories and
countries where the Company does business; The effect of economic
forces and competition in specific marketplaces where the Company
competes; The possible impact of new regulations or laws pertaining
to all activities of the Company�s operations; The outcome of
litigation or threatened litigation or regulatory actions; The
effect of commodity pricing on overall revenues and profitability;
Possible fluctuations in quarterly or annual results or adverse
impacts on the Company�s results caused by the adoption of new
accounting standards or interpretations or regulatory rules and
regulations; The effect of weather conditions or other aspects of
the forces of nature on field or facility operations; The effects
of industry trends in the environmental services and waste handling
marketplace; and The effects of conditions in the financial
services industry on the availability of capital and financing. Any
of the above factors and numerous others not listed nor foreseen
may adversely impact the Company�s financial performance.
Additional information on the potential factors that could affect
the Company�s actual results of operations is included in its
filings with the Securities and Exchange Commission, which may be
viewed on the Investor portal of the Company�s Web Page at
www.cleanharbors.com.
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