Veolia announced the completion of its $3 billion acquisition of Clean Earth, significantly expanding its hazardous waste management operations in the United States and strengthening its position as one of the world’s leading environmental services providers.
The transaction doubles Veolia’s footprint in the U.S. hazardous waste sector and increases the company’s total U.S. revenue to approximately $6.3 billion on a pro forma basis. With the addition of Clean Earth, Veolia becomes the second-largest hazardous waste management provider in the United States, enhancing its ability to serve industries facing growing environmental compliance and waste treatment demands.
The acquisition adds 2,600 employees, an expanded treatment and disposal network, and additional treatment, storage, and disposal capabilities across the country. Veolia said the deal strengthens its ability to support sectors such as healthcare, pharmaceuticals, retail, advanced manufacturing, semiconductors, and clean energy production, all of which require specialized hazardous waste treatment infrastructure.
The company expects the transaction to generate $120 million in synergies by the fourth year following the acquisition. Veolia also said the deal is expected to be accretive to earnings per share beginning in 2027, excluding purchase price allocation adjustments.
As part of the acquisition, Veolia now provides hazardous waste services through more than 150 locations across the United States, including six high-temperature RCRA-permitted incineration units, 33 EPA-permitted treatment facilities, and more than 1,000 operating permits. The expanded network also gives Veolia a stronger presence in regions where it previously had limited operations, including the Pacific Northwest.
Veolia noted that hazardous waste management has become an increasingly strategic industry in the United States due to rising industrial demand, stricter environmental regulations, and the expansion of sectors requiring specialized treatment solutions. The company believes the enhanced platform will help customers maintain operational continuity while addressing environmental and public health challenges.
Financially, the acquisition values Clean Earth at approximately 9.8 times projected 2026 EBITDA after run-rate synergies. Following the transaction, Veolia’s global hazardous waste revenue is expected to reach approximately €5.2 billion, with margins increasing to about 17%.
Veolia said the acquisition supports its broader strategy of delivering environmental security solutions while accelerating growth in high-demand environmental services markets.
KEY QUOTES:
“This is a tremendously significant transaction at a time when the U.S. and the world are facing unprecedented environmental security challenges that are testing the limits of our resilience and competitiveness. It strengthens our position in the growing U.S. hazardous waste market, unlocks strong value creation potential and further targets our offerings to the most dynamic sectors of the American economy. Combined with the acceleration of our asset rotation program, it reinforces Veolia’s capacity to address the growing demand for environmental security.”
Estelle Brachlianoff, CEO, Veolia
“Veolia is truly an environmental services company like no other, and combining our strengths with those of Clean Earth creates a new world of possibilities for Veolia as well as the industries we serve. With Clean Earth, we are building a national platform to address environmental security challenges and setting the benchmark for safety, compliance and innovation in the industry.”
“We are excited to welcome our new colleagues from Clean Earth, who share our deep commitment to safety, compliance, customer service excellence and sustainability. Together, we are transforming the hazardous waste industry while making a difference for the customers and communities we serve through an expanded asset base and innovative treatments, such as PFAS and other emerging contaminants.”
Nadège Petit, CEO, North America Zone, Veolia
