Stericycle completes divestiture of business unit
BANNOCKBURN -- Stericycle, Inc. said it has completed its divestiture of the Domestic Environmental Solutions business, excluding the health care customer and unused consumer pharmaceutical take-back services, to Harsco Corpo. for approximately $462.5 million in cash.
Stericycle will continue to offer solutions for unused consumer pharmaceutical take-back and provide hazardous waste services to health care customers as an integrated services provider. Stericycle has subcontracted with Harsco to perform hazardous waste services, including collection, transportation and disposal as necessary.
"The sale of the Domestic Environmental Solutions business is the sixth divestiture we have completed over the last 15 months and demonstrates important progress in our transformation as we focus on our core business, reduce debt, enhance our balance sheet flexibility, and drive long-term shareholder value," said Cindy J. Miller, Chief Executive Officer of Stericycle.
The transaction will not impact the operations of Stericycle's regulated medical waste and secure information destruction businesses. Stericycle intends to use net proceeds from the divestiture to pay down outstanding debt.