Traders should monitor the upcoming proxy statement for the Clean Earth sale and subsequent Form 10 amendments for updated financials and governance details. The spin-off creates a focused industrial environmental and rail services play, but near-term cash flow pressure from Rail ETO contracts may weigh on early performance.
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Executive Summary
Enviri has filed an initial Form 10 with the SEC for the spin-off of Harsco Environmental and Rail into a standalone public company, 'New Enviri,' expected to close in mid-2026 prior to the sale of its Clean Earth division to Veolia. New Enviri is projected to have $1.234 billion in pro forma 2026 revenues and $141 million in Adjusted EBITDA, with Carolann I. Haznedar named as Chair of the Board.
Key Financial Metrics
Key Facts
- Enviri filed an initial Form 10 for the spin-off of Harsco Environmental and Rail into 'New Enviri,' a standalone public company.
- The spin-off is expected in mid-2026, immediately prior to the sale of Clean Earth to Veolia, subject to shareholder approval and regulatory clearance.
- New Enviri is projected to have $1.234 billion in pro forma 2026 revenues and $141 million in Adjusted EBITDA.
- Carolann I. Haznedar, current Enviri director, will serve as Chair of New Enviri’s Board.
- New Enviri will have a conservative capital structure at launch with Net Debt/EBITDA of 2.0x and an undrawn revolver.
- Rail segment is expected to consume ~$40M in cash in 2025 due to ETO contracts, with cash flow improving thereafter.
Financial Impact
Pro forma 2026 revenue of $1.234B and Adjusted EBITDA of $141M; Rail segment currently dilutive with -$23M EBITDA.
Risk Factors
- Execution risk in completing both the spin-off and Clean Earth sale as planned.
- Rail segment is currently EBITDA-negative and a cash drain due to ETO contracts.
- Forward-looking projections may not materialize due to macroeconomic or operational risks in metals and rail end markets.
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3259870 |
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