Foster Wheeler (NASDAQ: FWLT) is lightening its asset portfolio. The company has sold its Camden Resource Recovery Facility to Covanta Holding (NYSE: CVA), the latter reported in a press release today. The purchase price is $48.6 million, subject to post-closing working capital adjustments, according to an SEC filing.
Camden is a 1,050-ton-per day energy-from-waste conversion facility located in the namesake New Jersey city. It generates enough electricity to power roughly 25,000 homes in the area. Last year, Camden processed around 319,000 tons of waste material into more than 146,000 megawatt hours of electricity.
Covanta Holding said it expects the deal will have a "modest impact" on its expected 2013 results. Covanta has 45 energy-from-waste facilities.