Enviri Files Form10 For "New Enviri" Spin-Off, Targets Mid-2026 Launch With ~$1.2B Revenue Outlook

• New Enviri will be a market-leading, global provider of environmental solutions for industrial waste streams and innovative equipment and technology for the rail sector
  
  
  
   
• Carolann I. Haznedar selected to be Chair of the Board of New Enviri
  
  
  
   
• Transaction closing on track for mid-year 2026
  
   

PHILADELPHIA, March 20, 2026 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE:NVRI) ("Enviri," or the "Company) today announced that an initial Form 10 registration statement (the "Form 10") has been filed with the U.S. Securities and Exchange Commission ("SEC") in connection with the previously announced spin-off of Harsco Environmental and Rail into a standalone, publicly traded company ("New Enviri"). The spin-off is expected to occur immediately prior to the Company's sale of its Clean Earth division to Veolia Environnement S.A. ("Veolia").

"Today's Form 10 filing marks another key milestone as we prepare to launch New Enviri as a global provider of solutions for the metals and rail sectors," said Russell Hochman, President and Chief Operating Officer of Enviri and future CEO of New Enviri. "We are confident in our ability to replicate the success we achieved driving improvement and value creation at Clean Earth. We have a clear path forward for New Enviri and believe we can strengthen and grow our business, leveraging our unique service and product capabilities to create sustained value for shareholders."

New Enviri will be a leading provider of critical environmental services and material processing to the metals industry and innovative equipment, after-market parts and services for the rail sector. Key business and financial highlights from recent disclosures for New Enviri include:

• Annualized 2026 expected pro forma revenues and Adjusted EBITDA of approximately $1.2 billion and $140 million, respectively, following the rightsizing of central Corporate costs.1
• A conservative capital structure at launch with Net Debt to Adjusted EBITDA of 2.0x and a revolving credit facility that will be undrawn at closing.
• Significant earnings growth potential through internal improvement initiatives and investments as well as a recovery in relevant end markets.
• Strong underlying cash flow potential, with cash flow generation in the near-term impacted by Rail's large ETO (engineered to order) contracts as contemplated under the existing agreements (which consumed approximately $40 million in 2025). Future cash flow is expected to improve as these ETO contracts conclude and earnings strengthen, which is expected to support meaningful future debt reduction.

A copy of the initial Form 10 is available on the SEC website and can also be viewed on Enviri's Investor Relations website. Consistent with the Form 10 process, the filing is an initial step in an iterative process and additional information will be included in any subsequent filing(s). New Enviri intends to apply to have shares of New Enviri common stock authorized for listing on the New York Stock Exchange, using the Company's existing ticker symbol ("NVRI").

The Company expects to file its proxy statement related to the Clean Earth sale with the SEC in the near-term. The spin-off of New Enviri is expected to occur in mid-2026 immediately prior to the closing of the Clean Earth sale, which is subject to approval by Enviri shareholders, the effectiveness of the Form 10 and satisfaction of other customary closing conditions.

1 See table at end of press release for GAAP to non-GAAP reconciliation.