Eveready Inc.
TSX : EIS

Eveready Inc.

July 27, 2009 17:17 ET

Eveready and Clean Harbors Receive Regulatory and Court Approvals

EDMONTON, ALBERTA--(Marketwire - July 27, 2009) - Eveready Inc. (TSX:EIS) ("Eveready") is pleased to announce that it has received regulatory and final court approval to be acquired by Clean Harbors, Inc. ("Clean Harbors") pursuant to a plan of arrangement (the "Plan of Arrangement") whereby a wholly owned subsidiary of Clean Harbors will acquire 100% of Eveready's outstanding common shares. These regulatory approvals include approval under the Investment Canada Act and from the Competition Bureau.

Approval under the Investment Canada Act is contained in a Certificate of Approval from the Canadian Minister of Industry, the Honourable Tony Clement.

Approval from the Competition Bureau is reflected in a no action letter provided by the Competition Bureau to Clean Harbors. It was issued upon the execution of a consent agreement between the Competition Bureau and Clean Harbors which has been registered with the Competition Tribunal. Under the consent agreement, Clean Harbors has agreed to dispose of its interest in Eveready's Class I hazardous waste landfill operations in Alberta (representing less than two percent of Eveready's revenue in 2008) since Clean Harbors operates the only other Class I hazardous waste site in Alberta. This sale will be completed subsequent to the acquisition transaction between Eveready and Clean Harbors. In the no action letter, the Competition Bureau indicated that it is satisfied that the implementation of the consent agreement will be sufficient to ensure that a substantial lessening or prevention of competition will not result from the completion of the acquisition transaction and, accordingly, they do not intend to make an application under section 92 of the Competition Act in respect of the proposed transaction and waive the obligation to notify under Part IX of the Competition Act in accordance with section 113(c) of the Competition Act.

The Plan of Arrangement has now also been approved by the Court of Queen's Bench of Alberta (the "Court") under Section 193 of the Business Corporations Act (Alberta).

The acquisition remains subject to customary closing conditions and is expected to be completed on or about July 31, 2009.

About Clean Harbors

Clean Harbors is North America's leading provider of environmental and hazardous waste management services. With an unmatched infrastructure of waste management facilities, Clean Harbors serves over 47,000 customers, including more than 325 Fortune 500 companies, thousands of smaller private entities and numerous federal, state and local governmental agencies. Clean Harbors' Technical Services provides a broad range of hazardous material management and disposal services including hazardous and non-hazardous waste recycling, treatment and disposal, CleanPack® laboratory chemical packing, and household hazardous waste management services. Clean Harbors' Site Services provides field services, industrial services, vacuum services, emergency response and disaster recovery, transformer services, tank cleaning and decontamination.

Headquartered in Norwell, Massachusetts, Clean Harbors has more than 100 locations strategically positioned throughout North America in 36 U.S. states, six Canadian provinces, Mexico and Puerto Rico. For more information, visit www.cleanharbors.com.

About Eveready

Eveready is a growth oriented company that provides industrial maintenance and oilfield production services to the energy, resource, and industrial sectors. Operating from approximately 80 locations in Canada, the United States, and internationally, Eveready currently employs over 2,100 employees and operates a service fleet of over 2,400 truck and trailer units. The shares of Eveready trade on the Toronto Stock Exchange under the trading symbol "EIS".

Forward-Looking Statements

This press release contains forward-looking statements which reflect Eveready's current beliefs and are based on information currently available to Eveready. These statements require Eveready to make assumptions it believes are reasonable and are subject to inherent risks and uncertainties. Actual results and developments may differ materially from the results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond Eveready's control. Examples of such forward-looking statements in this press release relate to, but are not limited to, Eveready's ability to close the proposed sale transaction with Clean Harbors in a timely fashion, if at all. These forward-looking statements rely on certain assumptions, including, Eveready's and Clean Harbors' ability to complete the transaction. Risk factors and other uncertainties that could lead to the transaction not being completed in a timely fashion, if at all, include, but are not limited to, meeting customary closing conditions required to consummate the transaction.

Contact Information

  • Eveready Inc.
    Rod Marlin
    President & CEO
    (780) 451-6075
    (780) 451-2142 (FAX)
    or
    Eveready Inc.
    Jason Vandenberg
    CFO
    (780) 451-6075
    (780) 451-2142 (FAX)
    Website: www.evereadyinc.com