Covanta Holding Corporation (NYSE: CVA) has successfully completed the previously announced acquisition of the business that provides operating and maintenance services to the Solid Waste Authority (SWA) of Palm Beach County for two Energy-from-Waste (EfW) facilities located in West Palm Beach, Fla. Covanta paid $45 million, subject to adjustment and expects the incremental annual revenue contribution will approach $60 million.
"This acquisition is an excellent opportunity for us to apply our breadth of operating experience and maintenance capabilities to two high-performing EfW facilities in a market we know well," said Stephen J. Jones, Covanta's CEO and president. "We look forward to building a strong and successful partnership with the Solid Waste Authority of Palm Beach County and are happy to be adding talented and experienced employees to the Covanta family."
Covanta now operates eight EfW facilities in Florida with a combined 5.3 million tons-per-year of waste disposal capacity.
"The Solid Waste Authority of Palm Beach County has built a world class integrated solid waste management system including two waste to energy facilities that process over 1.7M tons of municipal solid waste each year," said Mark Hammond, executive director of the Solid Waste Authority of Palm Beach County. "We look forward to our partnership with Covanta and building upon their reputation for operational excellence to further enhance the Authority's position as a worldwide leader in sustainable solid waste management."
About Covanta
Covanta is a world leader in providing sustainable waste and energy solutions. Annually, Covanta's modern Energy-from-Waste facilities safely convert approximately 22 million tons of waste from municipalities and businesses into clean, renewable electricity to power one million homes and recycle nearly 600,000 tons of metal. Through a vast network of treatment and recycling facilities, Covanta also provides comprehensive industrial material management services to companies seeking solutions to some of today's most complex environmental challenges. For more information, visit covanta.com.
