Covanta Holding Corp. has purchased solid and hazardous industrial waste firm Advanced Waste Services of West Allis, Wis., for an undisclosed amount.
Advanced Waste also operates a ChemWorks treatment facility in Milwaukee, and has waste facilities in Rockford, Ill.; Portage, Ind.; New Castle, Pa.; and Cedar Rapids, Iowa. In addition, the company operates cleaning services.
James Regan, manager of corporate communications and media relations for the Morristown, N.J.-based waste-to-energy (WTE) firm, confirmed the transaction in an e-mail. “We’re very excited about the acquisition, and we think it’s a great business,” he said.
Earlier this month Covanta said it will upgrade the WTE operation at New York’s Onondaga County with the extension of its agreement to operate and maintain the recycling and WTE facility in Jamesville. Covanta will make investments and upgrades to systems at the facility with the accord with the Onondaga County Resource Recovery Agency (OCRRA).
It also is investing $45 million to build the Advanced Recycling Center next to its WTE facility in Indianapolis. The recycling facility is scheduled to begin operations in 2016.
But Covanta recently has struggled financially. In its first quarter the company lost $37 million, as it was hurt by lower market pricing for metals and energy, as well as other factors, such as the difficult winter weather conditions and the tough Northeast market.