Veolia makes $3 billion acquisition of another waste management company

November 21, 2025

A multinational company with a Houston presence is doubling its U.S. hazardous waste footprint with a $3 billion acquisition.

Veolia Environmental SA, a French conglomerate with its North American headquarters in Boston, is buying Clean Earth from Enviri Corp. (NYSE: NVRI), a Philadelphia-based environmental company providing waste treatment, disposal and recycling. The deal is expected to close in mid-2026.

The transaction marks Veolia's largest acquisition since its 2022 merger with Suez, another France-based multinational utility group. Of Veolia's six acquisitions in 2025, five have been North American hazardous waste companies.

Clean Earth has 82 locations, including 19 EPA-permitted treatment, storage and disposal facilities and more than 700 operating permits nationwide.

According to its website, Veolia has multiple locations in the Houston area, including the main office for Veolia North America's Industrial Business at 4760 World Houston Parkway near George Bush Intercontinental Airport. The company's Gulf Coast branch also operates facilities on a 7-acre site in Baytown and a 3,300-acre site in Port Arthur, though only 450 acres are involved in waste activity.

The combination of the two companies enables Veolia to expand its treatment capabilities and technologies, including the treatment of forever chemicals such as PFAS and emerging contaminants. It also allows the company to further develop its business in underserved geographies, such as the Southeast and Pacific Northwest, the company said in a statement.

The company said the hazardous waste treatment sector is robust in the United States, outperforming a challenging economic environment.

Industries including advanced manufacturing, semiconductors, clean energy production, health care and pharmaceuticals all rely on hazardous waste treatment. As those industries continue to grow, hazardous waste management has also become more lucrative.

Veolia said the Clean Earth acquisition should generate about $120 million in savings by the fourth year and boost earnings per share starting in the second year.

Enviri's remaining businesses — Harsco Environmental and Harsco Rail — will be spun off into a new public company. While Clean Earth handles industrial and hazardous waste, Harsco Environmental works with metal and steel industries to convert scrapped raw materials into environmentally friendly materials, and Harsco Rail is a supplier for railway construction and management.

The acquisition will be funded through the company's existing financial resources. Enviri shareholders are expected to receive cash consideration of $14.50 to $16.50 per share.

Last year, Veolia reported $51.4 billion in revenue, representing organic growth of 5%.

The Houston Business Journal's Olivia Pulsinelli contributed to this report.