Covanta (NYSE: CVA) agreed to be acquired by EQT Infrastructure, a Swedish private equity firm, for $5.3 billion or $20.25 per share. The transaction, which includes stock and debt, represents a 37% premium to Covanta's unaffected share price of $14.78 on June 8th. It is expected to close in the fourth quarter.
The deal culminates a months-long strategic review under a new CEO in which board chairman Sam Zell promised a "radical change in direction" for the company. The company is said to have considered exiting certain markets and selling some of its energy plants or even divesting its Environmental Solutions division...Read More »
The state of Maine has become the first state in the union to regulate the packaging of consumer products sold in the state under a program known as extended producer responsibility (EPR). On July 12, Gov. Janet Mills signed into law Legislative Document 1541 which seeks to bolster municipal recycling programs with the help of fees paid by producers of a wide range of products. Those fees would vary depending on the design, amount, and type of packaging. A stewardship organization, overseen by the Maine Department of Environmental Protection (DEP) will administer the enterprise. Maine already has EPR for other items, including electronic waste, old paint, and mercury thermostats...Read More »
There have been 50% fewer waste worker fatalities in the first half of 2021, according to preliminary data from SWANA. "SWANA is pleased by the decline in fatal incidents recorded in the first half of 2021, which continues a trend of year over year reductions since 2018," said SWANA Executive Director David Biderman. The most common cause is being struck by a waste vehicle or heavy equipment. SWANA also tracks events when a member of the public is killed in a solid waste-related incident. Sadly, the 43 deaths so far this year is in line with previous years and incidents of pedestrians being struck by collection vehicles is up significantly with 12 so far this year, compared to 13 for all of 2020...Read More »
GFL Environmental Inc. says it has formed the Resource Recovery Alliance to help product and packaging companies meet their responsibilities under Ontario's blue box recycling program. As a producer responsibility organization, the alliance is expected help the company and its customers comply with the province's new legislation and will likely form a template to meet similar measures across Canada and possibly in the US. GFL also said it is acquiring the Canadian Stewardship Services Alliance, which helps businesses to meet their recycling obligations...Read More »
Kinderhook Industries said it will combine three of its portfolio companies -- Circon Environmental, Chemtron Corporation and KilnDirect, Inc. to create a leading pure-play provider of sustainable waste solutions under one name -- Circon Environmental. Each of the existing companies engineer and process non-hazardous and hazardous waste streams to create high-quality and valuable fuel replacements to traditional natural gas and coal. Kinderhook expects the new vertically-integrated platform will have the scale and capabilities to provide extensive, end-to-end environmental solutions on a national level for waste generators across all end markets...Read More »
Mt. Diablo Resource Recovery (MDRR) has signed on as a pilot participant in the Solid Waste Environmental Excellence Performance (SWEEP) Standard. MDRR joins Waste Management as the second private sector participant and a host of municipal governments in adopting the standard designed to transform the entire waste and recycling industry into a more sustainable and earth-friendly future...Read More »