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Covanta Unit Buys Facility, Expands Southeast U.S. Presence

Sustainable waste and energy solutions provider Covanta CVA announced that its subsidiary, Covanta Environmental Solutions, has acquired a material processing facility in Augusta, GA, from US Ecology, Inc. This acquisition will expand Covanta’s existing operations in the Southeast.

Covanta Environmental Solutions provides comprehensive environmental services to companies seeking solutions to some of the most complex environmental challenges today. The acquired assets will boost its capabilities to meet customer requirements throughout the Southeast.

The long-term objective of Covanta is to continuously improve safety and health performance, create and maintain a more inclusive and equitable work environment, maintain emissions at levels well below existing regulations, advance sustainable waste management and further reduce greenhouse gases, and expand the quality and quantity of community outreach programs.

The company resorts to strategic acquisitions to achieve the above objectives and expand its operations in different regions of the U.S. This January, the company completed the acquisition of Chief Industrial Services (“Chief”), a privately held environmental services company located in Wisconsin, thereby expanding in the Midwest.

Last September, the company acquired Waste Recovery Solutions, Inc. ("WRS") and Chesapeake Waste Solutions ("Chesapeake"), two privately held environmental services companies located in Pennsylvania. The acquisitions will expand Covanta's industrial material management network and capabilities in the Mid-Atlantic region.

The company will continue to take the inorganic route to expand operations and provide solutions to its wide customer base, enabling clients to lower risk and reach their sustainability goals.

Covanta currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the same space are Hydrogenics Corporation HYGS, Ormat Technologies Inc. ORA and Vestas Wind Systems A/S VWDRY. All three hold a Zacks Rank #2 (Buy).

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COVANTA HOLDING (CVA): Free Stock Analysis Report
HYDROGENICS CP (HYGS): Free Stock Analysis Report
ORMAT TECH INC (ORA): Free Stock Analysis Report
VESTAS WIND SYS (VWDRY): Free Stock Analysis Report
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