Philadelphia-based Enviri Corporation, an environmental services and solutions company, recently filed an initial Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) in connection with the spin-off of Harsco Environmental and Rail into a standalone, publicly traded company called New Enviri.
New Enviri will provide the metals industry with environmental services and material processing and the rail sector with equipment, after-market parts and services.
“Today’s Form 10 filing marks another key milestone as we prepare to launch New Enviri as a global provider of solutions for the metals and rail sectors,” Russell Hochman, President and Chief Operating Officer of Enviri and future CEO of New Enviri said. “We are confident in our ability to replicate the success we achieved driving improvement and value creation at Clean Earth. We have a clear path forward for New Enviri and believe we can strengthen and grow our business, leveraging our unique service and product capabilities to create sustained value for shareholders.”
Enviri expects the spin-off to occur prior to the sale of its Clean Earth division to Veolia Environnement S.A. later this year. The sale is subject to approval by Enviri shareholders, the effectiveness of the Form 10 and satisfaction of other customary closing conditions.