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Covanta Buys Veolia WTE

Fairfield, N.J.-based Covanta Holding Corp. has completed its $450 million purchase of Chicago-based Veolia Environmental Services North America Corp.'s waste-to-energy (WTE) business.

The purchase includes operating contracts for six WTE facilities, and ownership of a WTE facility in Montgomery County, Pa., and a transfer station in Pennsylvania.

"This transaction is a perfect illustration of one facet of our growth strategy: making acquisitions that leverage our operating expertise and industry-leading energy-from-waste portfolio to create value for clients and shareholders," said Anthony Orlando, president and CEO of Covanta, in a press release.

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