Why Vertex Energy Stock Soared Wednesday
Houston-based specialty refiner Vertex Energy (NASDAQ: VTNR) announced last night that it has come to an agreement to divest its oil recycling division for $140 million. Investors cheered the news today, with Vertex shares gaining more than 35% early in the session. Shares have pared some of those gains, but remained up about 20% as of 11:05 a.m. EDT.
Vertex said it will sell its used motor oil collection and recycling business to Safety-Kleen, a division of environmental and industrial services company Clean Harbors (NYSE: CLH). The assets included in the agreement collectively generated $4.5 million in operating income in the first quarter of 2021, and will be sold to Safety-Kleen for $140 million in cash.
Source Fool.com
