Toronto-Marsulex Inc. said Sept. 13 that it has signed a definitive agreement to sell its Stablex division, a North American provider of hazardous waste services, to US Ecology Inc. for C$80 million. The deal is expected to close Oct. 31, 2010, and is subject to normal and customary closing conditions, including a purchase price adjustment based on working capital. Marsulex said the agreement was a result of the previously announced strategic review (GM Aug. 9, 2010) being made by the company. The strategic review is ongoing, with no timetable for completion. Net proceeds from the deal will be used to repay outstanding indebtedness under the company’s senior secured credit facility.
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