US hazardous waste disposal firm Stericycle to buy Shred-it for $2.3 bn

US hazardous waste disposal firm Stericycle Inc today struck a deal to buy privately held Shred-it International, for $2.3 billion in cash in order to offer an additional compliance solution to its customers.

Founded in 1988, Shred-it was one of the first paper shredding companies in the world, and now provides document-destruction service to over 400,000 customers in 170 markets, in 18 different countries.

It employs more than 5,400 people, and operates a fleet of over 2,400 trucks.

''With the acquisition of Shred-it, we continue to expand the services we can provide our customers with in support of our ongoing mission to help companies protect their brands and safeguard the environment, said, Charlie Alutto, Stericycle president and CEO.

Founded in 1989, Stericycle is a compliance company that specialises in collecting and disposing regulated substances, such as medical waste and sharps, pharmaceuticals, hazardous waste, and providing services for recalled and expired goods.

The Illinois-based company's business comprises disposal services for medical and biohazardous waste. It serves hospitals, laboratories, physician practices, dental clinics, long-term care facilities, as well as other businesses, facilities, and healthcare providers that generate sharps or potentially infectious material.

Within the US, it has the largest network of medical waste transport vehicles, collection sites, and treatment facilities, while globally, it operates medical waste services in the US, the UK, Ireland, Canada, Mexico, Brazil, Argentina, Chile, Romania, Spain, and Portugal.