Metalclad Has Corporate Partner for Mexico Venture

Metalclad Corp. said Monday that it has found a corporate partner for the toxic waste disposal plants it wants to build in Mexico.

The company has signed a letter of intent with a major corporation, which it said it could not identify until the deal becomes final because of European reporting requirements. The partner will provide financing and the kind of size and reputation that will allow the venture to borrow at lower rates, said Elgin Williams, director of investor relations for Metalclad in Newport Beach.

Under the letter of intent, the unidentified corporation will become a 50-50 partner with Metalclad and the several Mexican companies it is working with, Williams said.

Metalclad has previously announced that it hopes to build three hazardous waste plants in Mexico. Permits have already been obtained for a plant in the mining region of San Luis Potosi, and permits are being sought for sites in the states of Veracruz and Tamaulipas. All are situated within the industrial heartland of Mexico.