Dive Brief:
- Covanta Environmental Solutions of Morristown, NJ has acquired Waste Recovery Solutions Inc. and Chesapeake Waste Solutions, both in Pennsylvania.
- Covanta says the acquisitions complement previous additions of like businesses in the Midwest and Carolinas and expands its industrial material management network and capabilities in the mid-Atlantic region. The company expects its total acquisitions to contribute $80 million of annual revenue.
- Through this expansion, Covanta can expand its services to offer treatment, storage, disposal and recycling of industrial waste; environmental consulting; secure destruction of consumer products; and reverse distribution of pharmaceuticals through a U.S. Drug Enforcement Agency-registered site.
Dive Insight:
"The acquisitions of WRS and Chesapeake will enable continued growth of our environmental services business by expanding our profiled waste volumes and providing new revenue opportunities through on-site services, transportation and industrial recycling. These businesses also complement and support our core energy-from-waste business," says Covanta President and CEO Stephen J. Jones. Covanta operates a network of treatment, recycling, and waste-to-energy facilities.
Mergers and acquisitions are making news in the waste and recycling industry as acquisitions among smaller waste collection companies have been a recent trend. Companies such as Corpus Christi, TX-based K2 are paving the way for small or family-run operations to have a large growth potential in the marketplace.
Big companies, such as Waste Management, continue on a growth path, as well.