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Clean Harbors buys Evergreen Oil

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Staff writer ▼ | September 17, 2013
Evergreen OilClean Harbors announced that it has acquired Evergreen Oil, Inc. out of bankruptcy through the U.S. Bankruptcy Court for the Central District of California. Evergreen Oil is a California-based environmental services company.

Evergreen Oil is one of the state's largest collectors of waste oil and runs the only re-refinery in the state. Clean Harbors is funding the $60 million transaction through available cash on its balance sheet.

The acquisition of Evergreen Oil is beneficial to Clean Harbors on a number of fronts. It will expands Clean Harbors' geographic footprint in re-refining to include coverage in the Western U.S., complementing its Indiana facility in the Midwest and Breslau facility in Eastern Canada; provides Clean Harbors with the second-largest collector of waste oil in California; and provides Clean Harbors with a number of valuable ancillary waste assets, including a permitted Treatment, Storage and Disposal Facility (TSDF).

"Our acquisition of Evergreen aligns well with our Safety-Kleen re-refinery and environmental businesses, and creates multiple opportunities for profitable growth. California is an attractive market for us, and Evergreen has a strong presence in the state.

Given the financial incentives available in California and that used oil is designated as hazardous, the addition of Evergreen will contribute to Safety-Kleen's ongoing initiative to lower its pay-for-oil (PFO) costs," said Alan S. McKim, chairman and chief executive officer.

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