Monday, Covanta Holding Corp. (CVA) announced that it has successfully completed the first stage in the previously announced acquisition of Veolia's North American EfW business.
Each of the businesses acquired includes a long-term operating contract with the respective municipal client. The Company also acquired a majority ownership stake in the Montgomery facility. The acquired businesses compliment Covanta's portfolio, which now includes operation of 44 EfW facilities that process approximately 19 million tons of municipal solid waste annually, the company said.
"The strategic acquisition of Veolia's North American EfW business compliments our industry leading portfolio. I am proud of our team for moving so quickly to complete this first stage of the acquisition. We're excited to be welcoming six new clients and a group of talented employees to the Covanta family and will begin integration efforts immediately that will allow us to achieve operational efficiencies," said Anthony Orlando, President and CEO of Covanta.
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