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Fairfield, NJ — Covanta Holding Corporation recently announced that it has successfully completed its previously announced acquisition of a 3,000 ton per day operating contract in Miami-Dade County, FL. Completing this final stage of the acquisition of Veolia's North American Energy-from-Waste ("EfW") business further enhances Covanta's position as the world leader in the development, ownership and operation of EfW facilities.

The businesses acquired from Veolia consist of the operating contracts associated with six EfW businesses, ownership and operation of a seventh EfW facility located in Montgomery County, PA and one transfer station, also located in Pennsylvania. Each of the businesses acquired includes a long-term operating contract with the respective municipal client. As previously reported, the aggregate purchase price for the businesses acquired was $450 million and the acquisition is expected to contribute approximately $60 million of operating cash flow during 2010. Covanta's portfolio now includes operation of 45 EfW facilities that annually convert approximately 20 million tons of municipal solid waste annually into renewable energy.

"We're delighted to have Miami-Dade as a new client and we welcome the facility's employees into the Covanta family. Integration of the earlier stage of this acquisition is progressing smoothly and we're eager to partner with our Miami-Dade client to implement a work plan to enhance the performance of this large facility," said Anthony Orlando, President and CEO of Covanta. "This transaction is a perfect illustration of one facet of our growth strategy: making acquisitions that leverage our operating expertise and industry-leading Energy-from-Waste portfolio to create value for clients and shareholders."

Commenting on the closing of the transaction, Kathleen Woods-Richardson, Director of Miami-Dade County Department of Solid Waste Management stated that, "Covanta operates four Energy-from-Waste facilities in other Florida counties and has a reputation for operational excellence and cooperative working relationships with municipalities. We are delighted to welcome Covanta to Miami-Dade County and look forward to working together for many years to come."

SOURCE: Covanta