ENVIRI LLC → Enviri Corp NVRI
| Parent | ENVIRI LLC |
|---|---|
| Spinco | Enviri Corp NVRI |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus unclassified Deliberately unjudged. The industry codes and the businesses disagree, and this site does not resolve that by guessing. |
| Ratio | 1 New Enviri share for every 3 Enviri shares |
| Ratio note | Two steps, not one: each pre-spin Enviri share first became one CLEH, Inc. ('CE Holdings') share in a holding-company merger, and the 1-for-3 distribution was then measured against CE Holdings. Holders effectively received 1 New Enviri share per 3 shares they had held in Enviri. |
| Checked against EDGAR | 2026-08-21 |
Data trap
The spinco took BOTH the parent's ticker (NVRI) and its name (Enviri Corporation), while the original registrant survives on EDGAR as ENVIRI LLC under CIK 45876. Standalone reporting began with the 10-Q filed 2026-06-08, but the collision outlives it: any source keyed on the symbol or the company name silently merges two different registrants across 2026-06-01, and the pre-spin history includes Clean Earth, which was sold to Veolia rather than distributed. Join on CIK 2104052.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2025-11-21Separation announced
- 2026-03-20Form 10 filed
- 2026-05-06Form 10 last amended
- 2026-05-08Form 10 effective
- 2026-06-01Record date
- 2026-05-27When-issued trading opens
- 2026-06-01Distribution
- —First standalone earnings
- —Index inclusion announced
Performance since separation
| Enviri Corp since separation | +7.55% |
|---|---|
| ENVIRI LLC over the same window | never listed separately |
| S&P 500 (SPY) over the same window | +0.95% |
| Russell 2000 (IWM) over the same window | +3.80% |
| Excess over the S&P 500 | +6.60% |
| Excess over the Russell 2000 | +3.75% |
Measured from the first regular-way close on or after the distribution — 2026-06-02 at 19.20 — to 2026-08-21 at 20.65. Window: 3 months. That is a short window. Treat it as a fact about these few weeks, not as evidence about how the separation turns out. The 2026-06-01 session was skipped: it traded on when-issued volume, not regular-way, and pricing from it would measure the return against a market that no longer existed the next day. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2026-03-20 · 0001628280-26-020017Initial Form 10 registration statement for the Harsco Environmental and Harsco Rail businesses
- 10-12B/Afiled 2026-05-06 · 0002104052-26-000013Amendment No. 3; the SEC declared the Form 10 effective two days later
- 8-Kfiled 2026-05-20 · 0002104052-26-000060Timing press release: when-issued trading expected to begin May 27 and the transactions to close June 1, 2026
- 8-Kfiled 2026-06-01 · 0001193125-26-251752Holding-company merger and spin-off completed before the NYSE open on June 1, 2026
- 10-Qfiled 2026-06-08 · 0002104052-26-000081First standalone quarterly report
Notes
A separation paired with a sale: the Harsco Environmental and Harsco Rail businesses were spun off as 'New Enviri' while the remaining company holding Clean Earth was simultaneously acquired by Veolia for cash. focus_class is unclassified because the surviving comparison is between a spun-off pair of businesses and a company that ceased to exist, which the Desai and Jain focus test does not describe. The record date fell on the distribution date itself and when-issued trading opened before it; the validator flags that ordering as unusual by design. The Form 10 confirms the structure: CE Holdings (parent, holding only Clean Earth after the reorganization) is simultaneously sold to Veolia for cash while New Enviri (Harsco Environmental + Harsco Rail) is distributed to the same stockholders — no continuing entity whose focus narrows in the usual sense, which is why this stays unclassified rather than forced either way. New Enviri emerges materially deleveraged: about $1.1 billion of debt is repaid from the Clean Earth sale proceeds, cutting total debt from roughly $1.56 billion to $365 million pro forma. As with several other deals in this dataset, the accounting is inverted from the legal structure: New Enviri, though the entity being distributed, is treated as the accounting successor to Enviri, while the retained-then-sold Clean Earth business is presented as a discontinued operation.