Pure Earth, Inc. to acquire waste processing complex
Pure Earth Inc. (PEI) announced that it has entered into a definitive agreement to acquire three companies in the environmental recycling business located on 32 acres in Vineland, New Jersey. Two of the companies, Casie Oil Ecology and Salvage Inc., and Mid Atlantic Refining Technology have a vast portfolio of treatment and recycling permits which will provide a cornerstone to Pure Earth’s plan to service the Northeastern part of the United States.
These companies process and recycle oils, solvents, refinery wastes, contaminated soils and filter cakes in solid and liquid form. Collectively, the companies have estimated 2006 revenues in excess of $22 million with over 300 customers in 10 states.
Pure Earth Inc. is also acquiring Rezultz, Inc., which owns the 32 acres plus a vast array of recycling equipment that Pure Earth plans to put into service.
Terms of the agreement were not disclosed but PEI will inject $4,500,000 in cash to upgrade and expand the operations.
The merger is expected to close upon proper notification and approval of the regulatory agencies.