Envirocare radiation personnel stay put

Salt Lake Tribune

1-08-05

Envirocare of Utah doesn't anticipate any changes in radiation safety personnel, a state regulator said Friday. Division of Radiation Control Director Dane Finerfrock told the division's board of directors that Envirocare owner Khosrow Semnani in a Dec. 23 letter informed the state that Steve Creamer, who with a New York investment firm has concluded purchase negotiations for Envirocare, will be the firm's president and chief executive officer. Semnani on Dec. 15 announced he had sold his radioactive-waste disposal company. Envirocare officials released few details about the sale, but promised to reveal more at a news conference later this month or in February, after the sale closes. Finerfrock said that Envirocare's current method of financial assurance, an irrevocable letter of credit from Wells Fargo bank, would stand under the new ownership. The new owners, who will operate as a limited liability corporation, do not have to disclose their financial capabilities, nor is the radiation control division required to examine the principals' past business activities. Lindsay Goldberg & Bessemer is backing Creamer's purchase of the facility 80 miles southwest of Salt Lake City. The New York firm invests primarily in privately held businesses with long-term potential, according to Envirocare's announcement. Envirocare did not reveal the price, and probably won't, but industry insiders estimated the company sold for well more than $500 million. The radiation control division must review plans for any changes before transferring Envirocare's permits, including its regulatory permit to accept so-called Class B and C waste, which is hotter than waste the company now receives. None of the division's review is subject to public comment, Finerfrock said. - Patty Henetz



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