Enviri is a newly streamlined, deeply discounted industrial environmental services turnaround where a high-moat slag-recovery business funds the recovery of a troubled but potentially valuable rail platform.
Overview
Following the June 2026 reorganization, Enviri became a focused industrial environmental and rail services company after selling Clean Earth to Veolia for **$3.04 billion**. Shareholders received **$15.00 cash per legacy share** and retained ownership of the standalone NVRI. The new Enviri comprises Harsco Environmental, a globally embedded slag-management and resource-recovery leader, and Harsco Rail, a specialized rail-maintenance equipment and aftermarket platform. The thesis centers on a cleaner balance sheet, recurring industrial services, Rail turnaround potential, and a valuation that still reflects legacy problems.