VAUGHAN, ON, July 5, 2019 /CNW/ - GFL Environmental Inc. ("GFL") announced today that it has entered into a definitive agreement to acquire Canada Fibers Ltd. and its affiliates ("Canada Fibers"). The transaction, which is expected to close in the third quarter of 2019, is subject to customary regulatory approvals.
Based in Toronto, Canada, Canada Fibers has been a leading operator of material recovery facilities for the recovery and processing of recyclable materials for more than 28 years. Canada Fibers provides recycling processing services to municipalities across Ontario, including the City of Toronto through its technologically advanced single stream Arrow Road facility in Toronto, and to its institutional, commercial and industrial customers. Canada Fibers has also been awarded the contract to design, build and operate an advanced single-stream material recovery facility in Winnipeg, Manitoba, which will commence operations in the fourth quarter of 2019.
"Given the current state of commodity markets, we believe that now is the right time for GFL to acquire Canada Fibers, with its long established relationships with recyclable material buyers and its expertise in operating single stream material recovery facilities," said Patrick Dovigi, GFL's Founder and Chief Executive Officer. "The addition of Canada Fibers' operations to GFL's existing collection networks will create new opportunities to provide integrated collection, sorting, processing and marketing of recyclable materials. Canada Fibers is led by an experienced management team including Joe Miranda, who has over 40 years of industry experience, and we are excited to have Joe and the employees of Canada Fibers join the GFL team."
About GFL Environmental Inc.
GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of non-hazardous solid waste management, infrastructure & soil remediation and liquid waste management services through its platform of facilities across Canada and in 20 states in the United States. Across its organization, GFL has a workforce of more than 9,500 employees and provides its broad range of environmental services to more than 135,000 commercial and industrial customers and its solid waste collection services to more than 4 million households.
This release may contain forward-looking information including but not limited to the proposed acquisition, integration and strategic fit of Canada Fibers with GFL's existing operations, the benefits of the acquisition, including cross-selling opportunities and future growth and GFL's performance and service offerings following completion of the acquisition. Such forward-looking information is based on certain assumptions and analysis made by GFL in light of its experience and perception of current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results, performance or achievements will conform to GFL's expectations and predictions is subject to market conditions and a number of known and unknown risks and uncertainties which could cause actual results to differ materially from GFL's expectations.
SOURCE GFL Environmental Inc.
For further information: Patrick Dovigi, Founder and Chief Executive Officer, +1 416 673 9385, [email protected]