Clean Harbors and Vertex Energy Mutually Agree to Terminate Planned Acquisition of Used Motor Oil Collection and Re-Refining Assets
Summary
In June, Clean Harbors agreed to acquire certain assets related to Vertex’s UMO collection and re-refinery business in an all-cash transaction for $140 million. “ We can now refocus our energy on other ways to deploy our capital, including continuing to invest in our Safety-Kleen Sustainability Solutions segment.” Under the terms of the acquisition agreement, either party could walk away unencumbered from the transaction if it was not finalized by March 31, 2022. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions.