SEATTLE (Recycling Monster): Norwell, Massachussetts-based leading environmental and industrial services provider announced a deal to acquire North Carolina-based Noble Oil Recycling through its subsidiary, Safety-Kleen Systems, Inc. in an all-cash transaction. The financial details of the transaction were not disclosed.
The above deal is expected to help Clean Harbors expand its oil collection footprint in the Mid-Atlantic market. Furthermore, it will significantly boost the company’s re-refining capacity. The company stated that it has already identified a healthy pipeline of candidates and that it is in the process of evaluating further potential transactions.
Clean Harbors reported stronger than expected Q1 2024. The quarterly revenue of $1.38 billion, modestly higher by 5.3% over the prior year quarter. The revenue surge was mainly led by organic growth in the Environmental Services segment. The Q1 net income of $69.8 million was down by 3.5% year-on-year. The adjusted Q1 EBITDA stood above expectations at $230 million.
The company is in the process of integrating its recent HEPACO acquisition, which closed in March this year. Also, the Safety-Kleen division will partner with Castrol on a recycled lubricant product called MoreCircular.
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