Solid Waste & Recycling

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One to Watch (August 01, 2002)

Clean Harbors Inc. provides a wide range of non-hazardous waste management and hazardous environmental services in the U.S. and Puerto Rico through service and sales offices in 26 states and Puerto Ri...


Clean Harbors Inc. provides a wide range of non-hazardous waste management and hazardous environmental services in the U.S. and Puerto Rico through service and sales offices in 26 states and Puerto Rico, and 11 waste management facilities. Services include:

Harbor industrial services — industrial cleaning and maintenance services;

Site services — onsite industrial cleaning, remediation, decontamination, tank management, and emergency response; and,

CleanPack — collecting, labeling and packaging of chemicals and hazardous materials from laboratories for transportation.

For the quarter ended June 30, 2002, Clean Harbors reported revenues of US$60.1-million, down from $62.3-million in the same quarter of 2001. Net Income was $483,000 or 3 cents per share vs. $2.4-million, or $0.18 per share.

In June 2002, the U.S. Bankruptcy Court in Delaware approved Clean Harbors’ bid to acquire Safety-Kleen’s Chemical Services Division for US$46.3-million in cash and the assumption of $265-million in liabilities. This division will add 35 facilities, including 19 service centers, six water treatment facilities, six landfills and four incinerators. The combined company is expected to generate revenue of $750-million per year, with 4,400 employees serving 38,000 customers. The deal is expected to close in the third quarter of 2002.

Hot Sector News

Onyx Environmental Services of Lombard, Illinois, a division of Vivendi Environnement, recently completed the acquisition of Valpariso, Indiana-based Shoreland Metals. Shoreland owns an inorganic recycling facility that will be integrated with Onyx’s existing organic and inorganic recycling operations.

Houston, Texas-based Waste Management Inc. announced it has agreed to supply landfill gas to BMW Manufacturing Corp.’s manufacturing plant from its Palmetto Landfill in Spartanburg, South Carolina. The gas will be used to power four gas turbines for co-generation, and will fulfill 20 per cent of the plant’s energy needs. Construction is expected to be complete by the end of 2002.

Imco Recycling of Irving, Texas, a recycler of aluminium and zinc, has been active in recent months. In June, the company agreed to acquire an aluminum recycling facility in Pindamonhangaba, Brazil and received a long-term contract to provide aluminium to Alcan’s can sheet rolling mill in Brazil. Imco also announced it has decided to buy out its partner, VAW Aluminium AG, from its joint venture, which owns two aluminum recycling and foundry alloy plants in Germany. Finally, Imco announced in July that its Mexican joint venture received a contract to recycle aluminum for Nemak in Monterrey, Mexico. To meet the contract, Imco is building a new plant with a 100-million-lb.-capacity to replace its current operation.

BFI Canada Income Fund announced that for the 67-day period between its IPO on April 25, 2002 and June 30,2002, the fund recorded revenues of $29-million, and net income of $100,000. Free cash flow available for distribution was $6.9-million, or $0.26 per unit.

These articles are based on public sources deemed to be accurate. These articles are designed for information purposes and are not intended as a recommendation of the companies discussed. Individuals looking to invest in this sector should consult an investment advisor before proceeding.

Colin Cieszynski is an investment advisor at Canaccord Capital. Contact Colin at 416-867-4543; fax 416-879-7706; or email Colin_Cieszynski@canaccord.com.


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