Clean Harbors acquires Evergreen Oil for USD60 million
Environmental services company Clean Harbors acquires California-based waste oil collector and re-refinery Evergreen Oil in a USD60 million deal. Bankrupt-Evergreen Oil is California's only recycling company that recycles used motor oil into its purest form and other products.
Clean Harbors Chairman and CEO Alan S. McKim saw the acquisition of Evergreen Oil as the company's strategy complementing its own existing units. "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 costs," McKim said.
The terms of the acquisition deal also included Evergreen Oil's transfer of its ancillary hazardous waste business, disposal facility in Carson, California, storage facilities, rolling stock and equioment and a plethora of customer accounts to Clean Harbors.
Clean Harbors has its headquarters in Massachusetts. It provides services in Northern America, as well as Puerto Rico and Mexico.