| HBS Case Collection
(Revised from original 1994 version)
EnClean: Malcolm Waddell's Story (A)
Describes, in the words of its cofounder, the history of EnClean, an industrial and environmental services company, from its origins in 1984. The company grew rapidly and diversified into new businesses and new geographies both through acquisition and internally. It went public in 1989 but then suffered major losses in 1992 and 1993. The founder must now decide how to respond to a secret board ultimatum.