Clean Harbors to Acquire Certain Assets of Romic Environmental Technologies Corporation
NORWELL, Mass.--(BUSINESS WIRE)--June 26, 2007--Clean Harbors, Inc. ("Clean Harbors") (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.
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. These forward-looking statements are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "estimates," "projects," or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date hereof. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its various filings with the Securities and Exchange Commission. Furthermore, all financial information in this press release is based on preliminary data and is subject to the final closing of the Company's books and records.
A variety of factors beyond the control of the Company may affect the Company's performance, including, but not limited to:
-- The Company's ability to successfully integrate Romic's operations and assets into its existing network of services and disposal facilities; -- The Company's ability to manage the significant environmental liabilities that it assumed in connection with the CSD and Teris acquisitions; -- The availability and costs of liability insurance and financial assurance required by governmental entities relating to our facilities; -- The effects of general economic conditions in the United States, Canada and other territories and countries where the Company does business; -- The effect of economic forces and competition in specific marketplaces where the Company competes; -- The possible impact of new regulations or laws pertaining to all activities of the Company's operations; -- The outcome of litigation or threatened litigation or regulatory actions; -- The effect of commodity pricing on overall revenues and profitability; -- Possible fluctuations in quarterly or annual results or adverse impacts on the Company's results caused by the adoption of new accounting standards or interpretations or regulatory rules and regulations; -- The effect of weather conditions or other aspects of the forces of nature on field or facility operations; -- The effects of industry trends in the environmental services and waste handling marketplace; and -- The effects of conditions in the financial services industry on the availability of capital and financing.
Any of the above factors and numerous others not listed nor foreseen may adversely impact the Company's financial performance. Additional information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission, which may be viewed on the Investor portal of the Company's Web Page at www.cleanharbors.com.
CONTACT: Clean Harbors, Inc. James M. Rutledge, 781-792-5100 Executive Vice President and Chief Financial Officer InvestorRelations@cleanharbors.com or Bill Geary, 781-792-5130 Executive Vice President and General Counsel or Sharon Merrill Associates, Inc. Jim Buckley, 617-542-5300 Executive Vice President email@example.com SOURCE: Clean Harbors, Inc.