valve regulated lead acid battery Newalta to sell 900-employee, national industrial waste division to Birch Hill
CALGARY -Shares in NewaltaOn Wednesday, after the company announced an agreement to sell its industrial sector to Toronto in cash of $0. 3 billion, the company soared nearly seven percentage points. Private equity firms. The department employs 950 employees in more than 35 locations in Canada to handle various types of industrial waste. It operates Montreal, among other things-area lead-Acid battery recovery facilities in solid waste landfill near Hamilton, Ontario. , and a used-Oil recovery facilities in North Vancouver. In addition to paying cash to Newalta, Birch Hill Equity Partners will also assume the assets retirement obligations of the department. Newalta said it will use the funds sold to reduce debt and fund growth in its remaining areas of business, including oilfield services and new markets. Birch Hill manages $2 billion in assets with 20 partner companies that employ more than 30,000 employees with a total revenue of more than $5 billion. The transaction is expected to be completed by 2015, subject to the conditions of the transaction and the approval of the regulatory authorities. On the Toronto Stock Exchange, Newalta's share price rose by $1. 12 or 6. 74, closed at $17. 73.