Clean Harbors completes deal with Safety-Kleen
NORWELL, Mass. (AP) — Clean Harbors Inc. said Friday that it has completed its $1.25 billion acquisition of Safety-Kleen, Inc.
The Norwell, Mass.-based environmental services company announced in October that it was buying Safety-Kleen as it looks to enter smaller markets and expand its waste treatment capabilities. Safety-Kleen is a re-refiner and recycler of used oil and provides parts cleaning and environmental services. Clean Harbors also said that it will be better able to capitalize on increasing demand for recycled products as a result of the deal.
Clean Harbors expects the acquisition will add to earnings immediately, excluding one-time fees and acquisition-related expenses. The company said that on a combined basis with Safety-Kleen, it expects revenue in the range of $3.72 billion to $3.77 billion for 2013.
Analysts polled by FactSet had forecast revenue of $2.47 billion for 2013, on average.
Shares of Clean Harbors gained 20 cents to close at $52.49 and were unchanged in after-hours trading on the news.