Date: June 26, 2007
Source: Clean Harbors, Inc.
Clean Harbors, Inc. (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.
Clean Harbors, Inc.
Executive Vice President
Sharon Merrill Associates, Inc.