The US-based Clean Harbors is to purchase the waste oil recycling and re-refining company Safety-Kleen for an all cash consideration of $1.25bn (ca. €962m). The agreement entered by the two companies would allow for the sale to be completed before the end of the year if approval is granted by competition authorities in the US and Canada, Clean Harbors explained.
Through the Safety-Kleen acquisition, the waste management and environmental emergency response services company hoped to increase the volumes of waste into its existing disposal and treatment network and broaden its treatment capabilities to include waste oil and solvent recycling. Safety-Kleen's CEO, Bob Craycraft, emphasised that his company's clients would benefit from direct access to Clean Harbors' environmental, energy and industrial services. Clean Harbors noted that Safety-Kleen had been a large customer of its environmental services.
According to Clean Harbors, Safety-Kleen collects around 200 million gallons (757 million litres) of used oil per year and owns a major oil re-refinery in Indiana. It generated revenues of $1.3bn last year. The company is owned by a group of investors including Highland Capital Management.