Solar and wind companies might get the splashy headlines in the renewable energy space, but companies that burn trash to make a living just keep trucking along too.
According to a press release, the Fairfield, New Jersey-based Covanta said it will pay, in all, $450 million in cash for facilities in California, Florida, New York, Pennsylvania and Vancouver. On an annual basis, the seven facilities produce 3 million tons of waste.
According to the release, the deal is expected to be accretive to Covanta and will also add around $60 million in operating cash flow next year. Covanta, which also said that it doesn't expect to cut jobs at the sites, anticipates the entire deal to close by the end of the year, though that timeline may be dictated by regulatory hurdles and other approvals."We are extremely pleased to announce this acquisition, which is consistent with our growth strategy targeting Energy-from-Waste development projects and acquisitions in key markets," Covanta President and CEO Anthony Orlando said. "We look forward to welcoming new customers and employees into the Covanta family and working closely with each client community to build on and improve the service provided." In May, Covanta
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV