BANNOCKBURN, Ill., Dec. 02, 2020 (GLOBE NEWSWIRE) — Stericycle, Inc. (SRCL) today announced that it has completed the divestiture of its global product recall business (Expert Solutions) to Sedgwick. Stericycle intends to use the net proceeds from the divestiture to pay down outstanding debt.
“The sale of Expert Solutions demonstrates our continued commitment to deliver on our key business priorities,” said Cindy J. Miller, Chief Executive Officer of Stericycle. “By streamlining Stericycle to its core businesses, we are able to focus greater attention on driving quality of revenue initiatives and improving sustainable operational efficiencies throughout our business.”
“I would like to thank our team members transitioning to Sedgwick. We are confident that Sedgwick will ensure continued quality of service for customers,” Miller added.
The divested business includes approximately 315 team members and seven facilities in the United States, United Kingdom and Canada.
BofA Securities acted as the financial advisor to Stericycle with respect to the transaction to divest the global product recall business and Polsinelli acted as legal advisor.
ABOUT STERICYCLE
Stericycle, Inc., (Nasdaq: SRCL) is a U.S. based business-to-business services company and leading provider of compliance-based solutions that protects people, promotes health and safeguards the environment. Stericycle serves customers in the U.S. and 17 countries with solutions for regulated waste and compliance solutions, secure information destruction, and patient engagement. For more information about Stericycle, please visit www.stericycle.com.
