Originally published at www.seclive.com
Clean Harbors, Inc. (NYSE:CLH) announced it has acquired Evergreen Oil, Inc. for $60M by brining the company out of bankruptcy. Evergreen is one of the state of California's largest waste oil collectors and also runs the only re-refinery in the state. The Massachusetts-based Clean Harbors believes this move will be a vehicle for profitable opportunities and intends to capitalize on the assets and customer accounts Evergreen has established. Clean Harbors Chairman and CEO Alan McKim remarked that the purchase price is a bargain for its shareholders and that this purchase serves as a great way to gain entry to the California market, a long sought area the company has wanted to expand. McKim sees a vast amount of potential in the acquisition and is optimistic as to the future path of the company.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.