Printer Friendly
The Free Library
14,550,258 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

U.S. Bankruptcy Court Expected to Approve Sale of Safety-Kleen's Chemical Services Division to Clean Harbors.


Business Editors

BRAINTREE, Mass.--(BUSINESS WIRE)--June 18, 2002

Combined Company Will Be North America's Largest Operator of

Hazardous Waste Hazardous waste

Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes.
 Facilities

Clean Harbors, Inc. (NASDAQ NASDAQ
 in full National Association of Securities Dealers Automated Quotations

U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on
: CLHB CLHB Cardiff Local Health Board (UK) ), a leading provider of environmental services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric,  throughout the United States and Puerto Rico, announced that the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties.  in Delaware has overruled the objections of Onyx North America, to the sale of the assets of the Chemical Services Division (SK/CSD) to Clean Harbors.

A renewed bid submitted late Friday by Onyx North America was determined by Safety-Kleen not to be a higher or better bid than that of Clean Harbors. Accordingly, Safety-Kleen reported to the Court that Clean Harbors had submitted the only "qualified" bid, and requested that the Court issue an order approving the sale. The Court rejected Onyx's bid and is expected to rule on two additional, technical objections to the sale at a hearing today at 3:30 p.m. and also is expected to formally award the sale of the SK/CSD assets to Clean Harbors, Inc.

Alan S. McKim, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  of Clean Harbors, stated, "We are delighted with the Court's action yesterday and look forward to the sale of the SK/CSD assets to Clean Harbors. Since entering into the definitive agreement with Safety-Kleen on February 22, we have worked diligently to establish a comprehensive integration process that will efficiently join the operations and employees of CSD CSD Commission on Sustainable Development
CSD Serbian Dinar (ISO currency code)
CSD Christopher Street Day
CSD Circuit Switched Data (Sprint)
CSD Computer Science Department
CSD Community School District
 with the operations and employees of Clean Harbors. I am confident that through the efforts of the dedicated employees of both organizations, we will realize our goal of transitioning the CSD into the Clean Harbors network to become the most cost competitive company with the broadest range of services in the industry."

On February 22, 2002, Clean Harbors signed a definitive agreement to acquire SK/CSD, one of the nation's largest environmental services companies, for $46.3 million in cash and the assumption of environmental liabilities valued at approximately $265 million. The transaction, which is expected to close in the third-quarter of 2002, will make Clean Harbors the largest operator of hazardous waste facilities in North America, including a significant presence in Canada. The combined company is expected to have annualized annualized

Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared.
 revenue of approximately $750 million, approximately 4,400 employees and 38,000 customers including a vast majority of the Fortune 500.

About Clean Harbors, Inc.

Clean Harbors, Inc. through its subsidiaries provides a wide range of environmental and waste management services to a diversified customer base including a majority of the Fortune 500 companies, thousands of smaller private entities and numerous governmental agencies. Within its national footprint, the Company currently has service and sales offices located in 26 states and Puerto Rico, and operates 11 waste management facilities strategically located throughout the country. For more information, visit our Website at www.cleanharbors.com.

Safe Harbor Safe Harbor

1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.

2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive.
 Statement

Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  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. 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, including but not limited to its Annual Report on Form 10-K Form 10-K

A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.


Form 10-K

See 10-K.
 for the fiscal year ended December 31, 2001.
COPYRIGHT 2002 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Comment:U.S. Bankruptcy Court Expected to Approve Sale of Safety-Kleen's Chemical Services Division to Clean Harbors.
Publication:Business Wire
Geographic Code:1USA
Date:Jun 18, 2002
Words:631
Previous Article:Binswanger/CBB Named Exclusive Agent for Sale of Property in Ackley, Iowa.
Next Article:Bakers Keep Cool With BOC's Flour Chilling Technology.
Topics:



Related Articles
BUSINESS NOTES YOUBET WILL KEEP TRADING ON NASDAQ.(Business)
Safety & environmental.(Product Index; foundries)(Directory)
Safety & environmental.(Product Index)(Directory)
Safety-Kleen Canada launches program in Quebec.(recycling motor and lubricating oils)
Owens Corning increases recycled content.(GLASS)
BANKRUPTCY SETTLEMENT FOR RFI NEARS DEAL WOULD CLEAR WAY FOR SALE OF FORMER BERMITE PROPERTY.(News)
Paint stripping and cleaning service.(New Products)
FIRMS DUE TO BID ON LAND JUDGE WILL CHOOSE BERMITE BUYER.(News)
COMPANIES TEAM TO BUY BERMITE SITE $63.8 MILLION DEAL COULD BOOST CLEANUP.(News)
Safety & environmental.(Product Index: As of October 20, 2006)

Terms of use | Copyright © 2009 Farlex, Inc. | Feedback | For webmasters | Submit articles