Clean Harbors buying Safety-Kleen for $1.25B
NORWELL, Mass. (AP) — Clean Harbors is buying Safety-Kleen for $1.25 billion in cash as it looks to enter smaller markets and expand its waste treatment capabilities.
Safety-Kleen Inc. is a re-refiner and recycler of used oil and provides parts cleaning and environmental services. It collects approximately 200 million gallons of used oil annually, the majority of which it returns to the marketplace as reusable motor oil.
Clean Harbors Inc., based in Norwell, Mass., provides environmental, energy and industrial services. It said Monday it will be better able to penetrate small quantity waste generator markets after the acquisition.
The company expects the acquisition to immediately add to its results, excluding one-time fees and acquisition-related expenses.
The deal, expected to close by year's end, still needs approval from U.S. and Canadian regulators.