Safety-Kleen
Encyclopedia
Safety-Kleen Systems, Inc. is a privately held company
that provides services such as collecting and recycling oil, providing industrial cleaning, and handling industrial waste
. In addition, their products include cleaning equipment, antifreeze
and coolant
, windshield cleaner, and re-refined oil products.
Safety-Kleen was started in the late 1950s and early 1960s when Ben Palmer invented the parts washer
which he decided to lease
to customers and service by removing and replenishing the solvent in the machines. In 1968, the Safety-Kleen business was acquired by Chicago Rawhide, and under the leadership of Don Brinckman Safety-Kleen became a publicly traded company
and enjoyed tremendous growth and business success over 30 years, eventually joining the Fortune 500. In 1998 Safety-Kleen fell victim to a hostile takeover by Laidlaw Environmental, which led to the combined company filing for and re-emerging from Chapter 11 bankruptcy.
In 2002, civil and criminal charges were filed by the SEC and the United States Attorney's Office against Safety-Kleen and four of its former senior executives for "perpetrating a massive accounting fraud from at least November 1998 through March 2000." A $200 million judgement was subsequently enforced by a Canadian court.
Privately held company
A privately held company or close corporation is a business company owned either by non-governmental organizations or by a relatively small number of shareholders or company members which does not offer or trade its company stock to the general public on the stock market exchanges, but rather the...
that provides services such as collecting and recycling oil, providing industrial cleaning, and handling industrial waste
Industrial waste
Industrial waste is a type of waste produced by industrial activity, such as that of factories, mills and mines. It has existed since the outset of the industrial revolution....
. In addition, their products include cleaning equipment, antifreeze
Antifreeze
Antifreeze is a freeze preventive used in internal combustion engines and other heat transfer applications, such as HVAC chillers and solar water heaters....
and coolant
Coolant
A coolant is a fluid which flows through a device to prevent its overheating, transferring the heat produced by the device to other devices that use or dissipate it. An ideal coolant has high thermal capacity, low viscosity, is low-cost, non-toxic, and chemically inert, neither causing nor...
, windshield cleaner, and re-refined oil products.
Safety-Kleen was started in the late 1950s and early 1960s when Ben Palmer invented the parts washer
Parts washer
A parts washer is a piece of equipment used to remove contaminants or debris, such as dirt, grime, carbon, oil, grease, metal chips, cutting fluids, mold release agents, ink, paint, and corrosion from workpieces...
which he decided to lease
Lease
A lease is a contractual arrangement calling for the lessee to pay the lessor for use of an asset. A rental agreement is a lease in which the asset is tangible property...
to customers and service by removing and replenishing the solvent in the machines. In 1968, the Safety-Kleen business was acquired by Chicago Rawhide, and under the leadership of Don Brinckman Safety-Kleen became a publicly traded company
Public company
This is not the same as a Government-owned corporation.A public company or publicly traded company is a limited liability company that offers its securities for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets...
and enjoyed tremendous growth and business success over 30 years, eventually joining the Fortune 500. In 1998 Safety-Kleen fell victim to a hostile takeover by Laidlaw Environmental, which led to the combined company filing for and re-emerging from Chapter 11 bankruptcy.
In 2002, civil and criminal charges were filed by the SEC and the United States Attorney's Office against Safety-Kleen and four of its former senior executives for "perpetrating a massive accounting fraud from at least November 1998 through March 2000." A $200 million judgement was subsequently enforced by a Canadian court.