Ex-BFI Official to Buy American Ecology Interest
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A former Browning-Ferris Industries Inc. official has agreed to acquire Browning-Ferris’ controlling 52% interest in American Ecology Corp., an Agoura Hills hazardous waste disposal company.
Harry J. Phillips Jr., who is also the son of the chairman of BFI’s executive committee, will purchase the American Ecology stake for $16.5 million, according to a filing with the Securities and Exchange Commission.
The interest being acquired by Phillips includes $22.5 million in debt securities, 200,000 preferred shares that are convertible into common shares, and warrants to buy another 1.5 million common shares, the SEC filing said.
Browning-Ferris is a Houston-based waste management company that has said it intends to get out of the hazardous waste disposal business.
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