August 04, 2014

Perma-Fix Sells Off SYA Subsidiary

By ExchangeMonitor

Perma-Fix Environmental Services sold its subsidiary Schreiber, Yonley & Associates, Inc., an engineering and environmental consulting service company, last week for a price of $1.3 million to Trinity Consulting, a consulting firm that focuses on industrial air quality issues. According to a Securities and Exchange Commission filing, the subsidiary had a net revenue of $2,564,736 and a net loss of $621,288 in 2013. The reason for the sale, Perma-Fix said, was an attempt to make the company more efficient. “Part of the Perma-Fix strategic plan included evaluating our business segments for efficiency,” Perma-Fix spokesperson Anne Smith said. “SYA was deemed a non-core asset since the divestiture of the industrial segment, and we were delighted to partner with Trinity Consulting, as they are an international consulting firm that specializes in industrial air quality issues, which complements SYA’s core business.”

As part of the deal, SYA President Robert Schreiber, Jr. will resign from Perma-Fix’s executive team and continue with SYA. “We are extremely pleased to complete this transaction to join with Trinity,” SYA President and Vice-President Bob Schreiber and Carrie Yonley said in a statement. “Trinity’s expertise and focus on air quality issues, reputation for excellent work, and strong management team make it a great match for SYA.” The deal also includes an estimated $60,000 working capital adjustment. “The purchaser paid approximately $1,300,000 and an estimated $60,000 working capital adjustment which is subject to adjustment within approximately 90 days of the closing date, in cash, to the [Perma-Fix] at the closing, with $50,000 of such consideration being placed in escrow for a period of one year to cover any claims by the purchaser for indemnification for certain limited types of losses incurred by the purchaser following the closing,” Perma-Fix said in its SEC filing.

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