Covanta to Buy Most of Veolia's Waste-to-Energy Business

Fairfield, N.J.-based Covanta Holding Corp. has reached an agreement with Chicago-based Veolia Environmental Services North America Corp. to purchase most of Veolia’s waste-to-energy (WTE) business for $450 million.

The deal, which Covanta says will close by the end of the year, includes seven WTE facilities located in California, Florida, New York, Pennsylvania and Canada.

“We are extremely pleased to announce this acquisition which is consistent with our growth strategy targeting energy-from-waste development projects and acquisitions in key markets,” said Anthony Orlando, president and CEO of Covanta, in a press release. “We look forward to welcoming new customers and employees into the Covanta family and working closely with each client community to build on and improve the service provided.”

• For information on the potential comeback of the WTE industry, read "An Awakening Giant" in Waste Age's June issue.

TAGS: Financials