Clean Harbors Announces Acquisition of Universal Environmental
Company Strengthens Service Footprint in Strategic West Coast
Markets; Acquisition to be Accretive to Full Year 2008 Results
NORWELL, Mass.--(BUSINESS WIRE)--March 17, 2008--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 acquired privately held Universal Environmental, Inc., an environmental services company headquartered near San Francisco in Benicia, California with a site office in Sparks, Nevada. In conjunction with the acquisition, the Company also is acquiring the land surrounding the California office, which affords opportunities for future expansion. With a team of nearly 100 employees, Universal Environmental was profitable and generated approximately $15 million in revenue in 2007. Terms of the agreement were not disclosed.
"Universal Environmental is a successful regional competitor in the environmental services sector," said Alan S. McKim, Chairman and Chief Executive Officer. "With its seasoned management team and strong ties to the local community, Universal is an ideal complement to our existing footprint. As our first Site Services acquisition in more than 10 years, this reinforces our strategic commitment to expand Site Services into new geographies. In recent years, we have steadily expanded our presence in the attractive West Coast market through office openings and the addition of Universal's assets will accelerate that effort."
"New Site Services locations provide the opportunity to cross-sell to our Technical Services accounts and generate higher volumes at our disposal facilities," McKim said. "We are excited about the prospects for Universal, and expect this transaction to be accretive to earnings in 2008."
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 manage the significant environmental liabilities that it assumed in connection with the CSD and other 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 For Clean Harbors, Inc. Sharon Merrill Associates, Inc. Jim Buckley, 617-542-5300 Executive Vice President email@example.com SOURCE: Clean Harbors, Inc.