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