The board of Tox Free Solutions Ltd (TOX) is pleased to announce it has entered into an agreement to acquire Pilbara Waste Pty Ltd based in Port Hedland, Western Australia. The acquisition is subject to due diligence with completion expected to occur within October 2011.
The purchase price for the Pilbara Waste business is $4.54 million in cash. In addition, Tox Free will assume the current vehicle finance leases to the value of $1 million. The value of Pilbara Waste fixed assets is approximately $3 million which are included in the sale price.
Tox Free is the dominant waste management provider in the North West Region providing industrial services, solid, liquid and hazardous waste management. Tox Free expects to grow the services offered in the Pilbara region in the medium term through its expertise in servicing the resource sector. The acquisition will further position Tox Free as a leading provider of industrial and waste management services in the region.