PHILADELPHIA, PA — Enviri II Corporation (NYSE: NVRI WI) recently completed its spin-off as a standalone publicly traded company and finalized the sale of the Clean Earth business to Veolia Environnement, creating a new industrial infrastructure and environmental services company focused on environmental solutions and rail technology markets.
The transaction reshapes the former Enviri into two separate businesses: Clean Earth, now owned by Veolia, and a newly independent company that will operate under the Enviri name and trade on the New York Stock Exchange under the ticker symbol NVRI, which became effective June 2.
The new company, led by President and Chief Executive Officer Russell Hochman, will focus on environmental services for industrial waste streams through Harsco Environmental and rail maintenance equipment and technology through Harsco Rail.
The separation follows Enviri’s November 2025 announcement that it would divest Clean Earth and establish its remaining operations as an independent company. Shareholders received one share of New Enviri common stock for every three shares of Enviri stock, along with $15 per share in cash tied to the closing of the Clean Earth sale.
The newly independent company projects annualized 2026 pro forma revenue of approximately $1.2 billion and adjusted EBITDA of about $140 million.
Management is positioning the business around operational improvements at both divisions. Harsco Environmental is expected to benefit from a recovery in steel production markets, while Harsco Rail is pursuing a turnaround strategy focused on improving execution, reducing costs and expanding its equipment and aftermarket businesses.
“There are opportunities to enhance the earnings potential of Harsco Environmental and Harsco Rail as we implement various internal self-help initiatives and markets recover,” Hochman stated.
The company reported a net debt-to-adjusted EBITDA ratio of approximately 2.0 times at closing and said its revolving credit facility was undrawn.
New Enviri expects future earnings growth to be driven by operational improvements, targeted investments and improving conditions in its end markets, which management believes could support additional debt reduction over time.
BofA Securities and Jefferies served as financial advisors to Enviri on the transaction. Fried, Frank, Harris, Shriver & Jacobson served as legal counsel.
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