* To spend C$87 mln in capex in 2010
* Says will amalgamate with wholly-owned subsidiary
* Amalgamation effective Jan 1, 2010
Dec 7 (Reuters) - Waste management and environmental services provider Newalta Inc NAL.TO expects capital expenditure of C$87 million in 2010, more than double of this year, and said it would amalgamate with its unit Newalta Corp.
The company will amalgamate with the wholly-owned operating unit and the resulting public entity’s name will be changed to Newalta Corp, effective Jan. 1, 2010, the company said.
The company allotted about C$60 million to growth capital expenditure and the rest for maintenance.
Of the total planned expenditure for growth, the company sees C$35 million for onsite services, majority of which will support the growth in the heavy oil business unit, and C$20 million in facilities, divided equally between eastern and western Canada.
For 2009, the company had set a capital expenditure budget of C$40 million.
The company will reorganize its reporting structure into two divisions - onsite and facilities - to “better align the business”.
Newalta shares were down 7 Canadian cents at C$7.94 in morning trade Monday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Ratul Ray Chaudhuri)