August 14, 2012

Safety-Kleen plans to raise up to $400M in IPO

Texas environmental services provider Safety-Kleen, which has operations throughout Connecticut, plans to raise up to $400 million in an initial public offering of its stock, The Associated Press reports.

The Plano, Texas, company said in a regulatory filing on Tuesday that the stock is being sold by certain shareholders and that it won't receive any proceeds from the offering.

Safety-Kleen Inc. did not say how many shares would be included in the IPO or what their price is expected to be.

It provides environmental services to commercial, industrial and automotive customers. It also offers parts cleaning services in North America and says it is the biggest re-refiner of used oil in North America.

In fiscal 2011, Safety-Kleen had net income of $135.5 million on revenue of $1.28 billion. That compares with net income of $24.3 million and revenue of $1.07 billion in fiscal 2010.

Safety-Kleen shares are expected to list on the New York Stock Exchange under the "SK" ticker symbol.

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