Salt Lake City, Utah based nuclear waste processing, transporting and recycling firm, EnergySolutions, Inc. has signed a definitive agreement to acquire Dallas based Waste Control Specialists LLC (WCS), which operates a 1338 acre radioactive waste disposal facility on a 14,900-acre site in western Andrews County, Texas, that features a 7 ft (2 metre) thick, steel-reinforced concrete liner system (pictured).
EnergySolutioons said that the deal will see it pay Valhi, Inc. (NYSE: VHI), of which WCS is a wholly owned subsidiary $270 million in cash and $20 million face amount in Series A Preferred Stock. It will also assume approximately $77 million of WCS debt.
Additionally, the company added that it will assume all financial assurance obligations related to the WCS business, but that completion of the sale is subject to certain customary closing conditions outlined in the transaction agreement.
“Combining our capabilities will bring improved operational efficiencies and allow us to deliver a safe and seamless supply chain that better serves the needs of commercial and government customers,” commented David Lockwood president and chief executive officer of EnergySolutions.
“In addition to the ongoing utilisation of all the acquired assets, we intend to continue to seek expansion opportunities in the nuclear services area, he added. “EnergySolutions and WCS will continue to operate as independent companies until completion of the sale.”
Steven L. Watson, chairman of the Board and chief executive officer of Valhi commented: "The sale of Waste Control Specialists to Rockwell will expand the range of services available to its customers, while providing Valhi the opportunity to deploy the cash proceeds from the sale to take advantage of growth opportunities in its remaining businesses. The continuing equity interest in Rockwell, the parent company of the combined businesses, will allow Valhi to participate in the benefits of the combination."
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