PHILADELPHIA, PA — Enviri Corporation (NYSE: NVRI) expects to complete the sale of its Clean Earth business and spin off its Harsco Environmental and Rail operations into a newly listed standalone company on June 1, a restructuring that will provide existing shareholders with a $15 per-share cash payout and separate publicly traded ownership stakes.
The transaction will divide Enviri into two independent entities while repositioning the remaining business around environmental and rail infrastructure operations under a restructured corporate identity.
Under the planned distribution, existing shareholders will receive one share of the new company, Enviri II Corporation, for every three shares currently held. Following completion of the transaction, Enviri II will adopt the Enviri Corporation name and continue trading on the New York Stock Exchange under the ticker symbol NVRI.
The company stated that “when issued” trading for the spun-off entity began May 27 under the symbol “NVRI WI,” while regular-way trading under the renamed Enviri Corporation structure is expected to begin June 2.
Enviri shareholders are also expected to receive $15 per share in cash following debt repayment, transaction costs, and reserves tied to certain rail contracts.
The restructuring follows shareholder approval earlier this month of the sale of Clean Earth to Veolia Environnement, a global waste, water, and environmental services operator.
Corporate spin-offs and asset sales have increasingly become tools for industrial companies seeking to simplify operations, unlock shareholder value, and separate businesses with differing capital requirements and growth profiles.
According to the company, Enviri shareholders immediately prior to the holding company merger will first receive one share of CE Holdings common stock for each Enviri share owned before subsequently receiving shares of the newly spun-out entity.
The company indicated the transaction and distribution are expected to occur before market open on June 1, subject to remaining closing conditions.
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