PHILADELPHIA, PA — Enviri (NYSE: NVRI WI) has completed the separation of its Harsco Environmental and Harsco Rail businesses into a standalone publicly traded company, a restructuring tied to the sale of its Clean Earth unit to Veolia Environnement that leaves shareholders with cash proceeds and ownership in a newly independent industrial services company.
The newly separated company began regular-way trading Tuesday on the New York Stock Exchange under the name Enviri Corporation and ticker symbol NVRI.
The transaction marks the culmination of a plan announced in November 2025 to split the company’s industrial and rail operations from Clean Earth, its environmental services business. Existing Enviri shareholders received one share of New Enviri common stock for every three shares held, along with $15 per share in cash associated with the closing of the Clean Earth sale.
New Enviri is led by President and Chief Executive Officer Russell Hochman and operates through the Harsco Environmental and Harsco Rail businesses.
The company projects annualized 2026 pro forma revenue of approximately $1.2 billion and adjusted EBITDA of about $140 million following the separation.
Management expects Harsco Environmental’s performance to benefit from a recovery in steel markets, while Harsco Rail remains focused on improving operations, reducing costs, and addressing legacy engineer-to-order contract exposure.
The company reported a net debt-to-adjusted EBITDA ratio of approximately 2.0 times at launch and indicated that its revolving credit facility remained undrawn at closing.
The separation leaves Veolia with Clean Earth while creating a standalone company focused on industrial waste stream services and rail infrastructure equipment, two businesses with distinct end markets, operating priorities, and capital requirements.
BofA Securities and Jefferies served as financial advisors on the transaction. Fried, Frank, Harris, Shriver & Jacobson served as legal counsel.
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