SERVICE SECTOR / Anadime Corp Acquisition
ANADIME ANNOUNCES CALIFORNIA ACQUISITION ''FACILITY LICENSED FOR CLASS
2 OILFIELD FLUIDS AND CLASS 1 NON- HAZARDOUS INDUSTRIAL FLUIDS''
CALGARY, July 7 /CNW/ - Anadime Corporation (TSE: AEM), a leading
petroleum waste services company, today announced that it has reached an
agreement to acquire 80 percent of the oilfield and industrial water disposal
business of privately held Sherman and Weese of Bakersfield, California.
These assets complement Anadime's recent acquisition of a Class 2
non-hazardous oilfield disposal facility in Ventura, California. Once it is
fully licensed and operational, the Ventura facility will operate as a
satellite location to the fall-service nonhazardous oilfield waste (NOW)
facility that Anadime intends to develop at the Bakersfield location. This
location will be the only full-service plant of this type serving the Los
Angeles and Bakersfield markets.
''We are very excited about the acquisition in Bakersfield. We get to
introduce our processing and recovery business model to a new market and
accelerate the growth of our Californian business,'' said Owen Pinnell,
president of Anadime. ''Not only are we acquiring a licensed Class 2
non-hazardous oilfield waste disposal facility, but also, the addition of a
Class 1 non-hazardous industrial water disposal well, servicing the second
largest city on the continent, brings a certain amount of diversity to our
customer base.''
Due to the growing competitive environment for its business in Canada,
Anadime has decided to export its unique business model into the United States
and beyond. The economies of scale resulting from the operation of two
facilities in California should result in the company quickly becoming the
dominant player in this market. The resulting growth will diversify the
company's customer base in a new market with different economic drivers, and
provide a significant level of US currency income.
Sherman and Weese is the leader in non-hazardous oilfield waste (NOW)
services for the petroleum industry (Class 2 disposal) in the Bakersfield
area, and also provides non-hazardous industrial water disposal services
(Class 1 disposal) to industrial generators in the greater Los Angeles market.
Based in Calgary, Anadime Corporation is one of North America's top
petroleum waste management companies and is a specialist in the processing of
difficult oilfield emulsions and slop oils and the recovery of the associated
oil. The company pursues projects where the combination of facility permits
and/or technology give it a sustainable competitive advantage.
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