You may have heard that Heritage Environmental Services LLC of Indianapolis bought the waste management company Rineco Chemical Industries of Benton.
But did you know the price?
About $75 million, according to our waste management reporter.
Heritage purchased Rineco from Chuck Erwin and Steve Keith, both of Little Rock.
Ernie Walker, Rineco’s new president, told us that not too many changes have been made since the transaction closed March 1. Rineco is now known as Rineco A Heritage Co.
Walker, who also is the chief operating officer of Heritage, said no layoffs occurred as part of the acquisition, “nor are they planned now.” Rineco has slightly fewer than 400 employees.
He said the company is working on expansion plans. They are preliminary, though, and he couldn’t release them.
Founded in 1986, Rineco takes hazardous and nonhazardous waste and turns it into a fuel product for cement kilns. Rineco served more than 2,500 generators in the United States, Canada and Mexico, according to its website.
Walker said that owners of the two companies have known each other for “many years.”
“Both were well-run family businesses,” Walker said. “So everything fit very well.”
Heritage also wanted to expand its footprint, he said. It has about 25 facilities in the United States, Puerto Rico, Canada and Mexico.
In the news release that announced the transaction, Heritage said that “all of your waste service needs, including incineration, fuel blending, landfill, wastewater treatment, recycling, transportation and data tracking will be taken care of all under one roof and by one supplier. This makes the handling of your hazardous waste, by-product management, and recycling easier than ever.”
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