Newalta to sell industrial division for $300 million

Industrial waste management company Newalta Corp. (Calgary, Alberta) announced that it has reached an agreement with Birch Hill Equity Partners (Toronto, Ontario) under which Newalta will sell its Industrial Division to Birch Hill for approximately $300 million in cash plus the assumption of an associated asset retirement obligation (ARO). The Industrial Division encompasses a network of more than 35 locations in Canada employing approximately 950 people. These facilities include a lead-acid battery recycling facility in Ville Ste-Catherine, Quebec, a solid waste landfill in Stoney Creek, Ontario, and a used-oil collection network and re-refining facility in North Vancouver, British Columbia. “This transaction advances our strategy of unlocking value as we focus on our core growth divisions, New Markets and Oilfield,” said John Barkhouse, Newalta’s president and CEO. “The Industrial Division is a solid business and has outstanding people but no longer fits with our strategic vision.”