SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August 27, 1999 (August 27, 1999) Date of Report
(Date of earliest event reported)
Safety-Kleen Corp.
(Exact name of registrant as specified in its charter)
Delaware 1-8368 51-0228924
(State or other (Commission (IRS Employer
jurisdiction File Number) Identification
of incorporation) Number)
1301 Gervais Street, Columbia, South Carolina 29201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (803)933-4200
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ITEM 5. OTHER EVENTS
On August 27, 1999, Safety-Kleen Corp.(NYSE:SK) announced its agreement
to acquire Ecogard, Inc. d/b/a First Recovery, a subsidiary of The Valvoline
Company. The acquisition, expected to close on September 1, 1999, is anticipated
to add more than $30 million of annual revenue to Safety-Kleen's used oil
collection business. The full text of the announcement is reproduced below.
Please note that the announcement contains forward looking statements that
involve a number of risks and uncertainties.
For Immediate Release
SAFETY-KLEEN ANNOUNCES
ACQUISITION OF FIRST RECOVERY
Columbia, S.C.--August 27, 1999--Safety-Kleen Corp. (NYSE: SK) announced today
its agreement to acquire Ecogard, Inc. d/b/a First Recovery, a subsidiary of The
Valvoline Company. The acquisition, expected to close on September 1, 1999, will
add more than $30 million of annual revenue to Safety-Kleen's used oil
collection business.
Commenting on the transaction, Kenneth W. Winger, Safety-Kleen's President and
Chief Executive Officer, said, "The acquisition of First Recovery further
increases Safety-Kleen's leading position in the used oil collection and
re-refining business. First Recovery's customer base of nearly 40,000 gives
Safety-Kleen an exciting opportunity to increase revenue by providing additional
services. Increased used oil volumes will result in greatly improved utilization
of our existing collection infrastructure and re-refining capabilities. Improved
utilization and cost savings related to the business combination make the
acquisition of this quality business accretive to our earnings. Safety-Kleen is
committed to continued growth and leadership in all of its key lines of
business."
Safety-Kleen Corp. is the leading industrial waste service company for both
hazardous and non-hazardous waste streams. From collection through recycle and
disposal, the Company provides comprehensive waste management services to over
400,000 customers in North America.
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For further information contact:
- ---------------------------------
Kenneth W. Winger, President and Chief Executive Officer - (803) 933-4212
Paul R. Humphreys, Senior Vice President, Finance and Chief Financial Officer -
(803) 933-4261
Safety-Kleen Investor Relations - (803) 933-4285
Private Securities Litigation Reform Act:
- -----------------------------------------
Sections of this release constitute forward-looking statements that involve a
number of risks and uncertainties. Many factors could cause actual results to
differ materially from our expected results. These factors include risks
associated with acquisitions; achievement of synergy objectives; the attainment
of revenue growth targets; the adoption of new environmental laws and
regulations and how they are interpreted and enforced; changes in demand for the
Company's services; competition; and prices for petroleum-based products.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SAFETY-KLEEN CORP.
By: /S/ Kenneth W. Winger
----------------------------
Kenneth W. Winger, President
and Chief Executive Officer
Date: August 27, 1999
