Clean Harbors Inc. of Norwell said today it will acquire Safety-Kleen, a North American re-refiner and recycler of used oil and provider of parts cleaning and environmental services, in an all-cash transaction valued at $1.25 billion.
The acquisition, which is subject to approval by U.S. and Canadian regulators, as well as other customary closing conditions, is expected to be completed by the end of the year.
Clean Harbors, which provides environmental, energy and industrial services throughout the nation, said the transaction will enable the company to broaden its waste treatment capabilities to include re-refining waste oil and expanded solvent recycling capabilities and leverage operating efficiencies through the combined company.
Based in Richardson, Texas, Safety-Kleen currently employs nearly 4,200 workers and operates a fleet of more than 2,300 vehicles and 1,000 rail cars. The company said it collects nearly 200 million gallons of used oil annually, the majority of which it returns to the marketplace as reusable motor oil.
Clean Harbors, which has more than 200 locations, including over 50 waste management facilities, throughout North America in 38 states, seven Canadian provinces, Mexico and Puerto Rico, will report its quarterly financial earnings on Nov. 7.
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