Stericycle paid $52.3 million (28.4 million) in cash and $11.5 million (6.3 million) in notes to White Rose Environmental (Holdings) for the Leeds-based medical waste specialists.
With headquarters in the US State of Illinois, Stericycle provides medical waste management to healthcare companies across the United States and also has operations in Mexico, Canada, Brazil, Argentina, South Africa, Australia and Japan.
Mark C. Miller, Stericycle's president and chief executive officer, said: “The acquisition of White Rose Environmental Limited provides Stericycle with a significant presence in the Unite Kingdom. The completion of this acquisition represents an important step forward in our strategy of developing and expanding our international presence.”
In the last fiscal year, White Rose Environmental had revenues of approximately $49 million (26.8 million). It operates a network of incinerators and new technology plants used to treat clinical waste from contracts with NHS, local authorities, vets, pharmaceutical companies and third party contractors.
Andy Hilton, chairman of the board of directors of White Rose Environmental, said: “We are pleased to have Stericycle, a well recognised leader in our industry, as the new owner for our employees, customers and suppliers.”
Stericycle expects the acquisition to add about $28 million (15.3 million) to this year's revenues, representing about $0.02 earnings per share in 2004.
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