NORWELL, Mass. (AP) - Clean Harbors Inc., the environmental services company, said Monday that it is buying Evergreen Oil Inc. out of bankruptcy proceedings for $60 million in cash.
Evergreen Oil, which is based in California, also provides environmental services and recycles used oil. Clean Harbors said that buying the company will help the Norwell, Mass.-based company expand into Western states.
"California is an attractive market for us, and Evergreen has a strong presence in the state," said Alan McKim, Clean Harbors' chairman and CEO, in a statement.
Late last year, Clean Harbors bought Safety-Kleen for $1.25 billion. Safety-Kleen is a re-refiner and recycler of used oil and provides parts cleaning and environmental services. McKim said that the acquisition of Evergreen Oil "aligns well with our Safety-Kleen re-refinery and environmental businesses, and creates multiple opportunities for profitable growth."
Shares of Clean Harbors rose $1.58, or 2.7 percent, to $59.53 in afternoon trading Monday. They are near their 52-week high of $61.72 set last October.