MORRISTOWN, N.J., Sept. 18, 2018 /PRNewswire/ -- Covanta
Holding Corporation (NYSE: CVA) has successfully completed the
previously announced acquisition of the business that provides
operating and maintenance services to the Solid Waste Authority
(SWA) of Palm Beach County for two
Energy-from-Waste (EfW) facilities located in West Palm Beach, Fla. Covanta paid
$45 million, subject to adjustment
and expects the incremental annual revenue contribution will
approach $60 million.
"This acquisition is an excellent opportunity for us to apply
our breadth of operating experience and maintenance capabilities to
two high-performing EfW facilities in a market we know well," said
Stephen J. Jones, Covanta's CEO and
president. "We look forward to building a strong and successful
partnership with the Solid Waste Authority of Palm Beach County and are happy to be adding
talented and experienced employees to the Covanta family."
Covanta now operates eight EfW facilities in Florida with a combined 5.3 million
tons-per-year of waste disposal capacity.
"The Solid Waste Authority of Palm
Beach County has built a world class integrated solid waste
management system including two waste to energy facilities that
process over 1.7M tons of municipal
solid waste each year," said Mark
Hammond, executive director of the Solid Waste Authority of
Palm Beach County. "We look
forward to our partnership with Covanta and building upon their
reputation for operational excellence to further enhance the
Authority's position as a worldwide leader in sustainable solid
waste management."
About Covanta
Covanta is a world leader in providing sustainable waste and
energy solutions. Annually, Covanta's modern Energy-from-Waste
facilities safely convert approximately 22 million tons of waste
from municipalities and businesses into clean, renewable
electricity to power one million homes and recycle nearly 600,000
tons of metal. Through a vast network of treatment and recycling
facilities, Covanta also provides comprehensive industrial material
management services to companies seeking solutions to some of
today's most complex environmental challenges. For more
information, visit covanta.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking" statements as defined in Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), Section
21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), the Private Securities Litigation Reform Act of
1995 (the "PSLRA") or in releases made by the SEC, all as may be
amended from time to time. Such forward-looking statements involve
known and unknown risks, uncertainties and other important factors
that could cause the actual results, performance or achievements of
Covanta and its subsidiaries, or industry results, to differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. Statements
that are not historical fact are forward-looking statements.
Forward-looking statements can be identified by, among other
things, the use of forward- looking language, such as the words
"plan," "believe," "expect," "anticipate," "intend," "estimate,"
"project," "may," "will," "would," "could," "should," "seeks," or
"scheduled to," or other similar words, or the negative of these
terms or other variations of these terms or comparable language, or
by discussion of strategy or intentions. These cautionary
statements are being made pursuant to the Securities Act, the
Exchange Act and the PSLRA with the intention of obtaining the
benefits of the "safe harbor" provisions of such laws. Covanta
cautions investors that any forward-looking statements made by
Covanta are not guarantees or indicative of future performance.
Important assumptions and other important factors that could cause
actual results to differ materially from those forward-looking
statements with respect to Covanta include, but are not limited to,
the risks and uncertainties affecting Covanta's businesses
described in periodic securities filings by Covanta with the SEC.
Important factors, risks and uncertainties that could cause actual
results to differ materially from those forward-looking statements
include, but are not limited to: seasonal or long-term fluctuations
in the prices of energy, waste disposal, scrap metal and
commodities; Covanta's ability to renew or replace expiring
contracts at comparable prices and with other acceptable terms;
adoption of new laws and regulations in the United States and abroad, including energy
laws, environmental laws, tax laws, labor laws and healthcare laws;
failure to maintain historical performance levels at Covanta's
facilities and its ability to retain the rights to operate
facilities it does not own; Covanta's ability to avoid adverse
publicity or reputational damage relating to its business; advances
in technology; difficulties in the operation of its facilities,
including fuel supply and energy delivery interruptions, failure to
obtain regulatory approvals, equipment failures, labor disputes and
work stoppages, and weather interference and catastrophic events;
difficulties in the financing, development and construction of new
projects and expansions, including increased construction costs and
delays; limits of insurance coverage; Covanta's ability to avoid
defaults under its long-term contracts; performance of third
parties under its contracts and such third parties' observance of
laws and regulations; concentration of suppliers and customers;
geographic concentration of facilities; increased competitiveness
in the energy and waste industries; changes in foreign currency
exchange rates; limitations imposed by Covanta's existing
indebtedness and its ability to perform its financial obligations
and guarantees and to refinance its existing indebtedness; exposure
to counterparty credit risk and instability of financial
institutions in connection with financing transactions; the
scalability of its business; restrictions in its certificate of
incorporation and debt documents regarding strategic alternatives;
failures of disclosure controls and procedures and internal
controls over financial reporting; Covanta's ability to attract and
retain talented people; Covanta's ability to utilize net operating
loss carryforwards; general economic conditions in the United States and abroad, including the
availability of credit and debt financing; and other risks and
uncertainties affecting Covanta's businesses described in periodic
securities filings by Covanta with the SEC. Although Covanta
believes that its plans, intentions and expectations reflected in
or suggested by such forward-looking statements are reasonable,
actual results could differ materially from a projection or
assumption in any forward-looking statements. Covanta's future
financial condition and results of operations, as well as any
forward-looking statements, are subject to change and to inherent
risks and uncertainties. The forward-looking statements contained
in this press release are made only as of the date hereof and
Covanta does not have or undertake any obligation to update or
revise any forward-looking statements whether as a result of new
information, subsequent events or otherwise, unless otherwise
required by law.
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SOURCE Covanta Holding Corporation