March 17, 2008
The Envirobiz Waste Business Update (formerly the Chartwell Waste Industry Update) is distributed weekly. The Update's purpose is to provide stakeholders with weekly summaries of important developments in solid waste management.
1. NYC MAYOR, COUNCIL REACH COMPROMISE ON E-WASTE RECYCLING
New York City Mayor Michael Bloomberg and the New York City Council have reached a compromise agreement on legislation designed to promote e-waste recycling. The legislation was likely to reach the state Court of Appeals after the City Council overrode Mayor Bloomberg’s veto. The mayor disagreed with minimum recycling percentages in the original bill which placed responsibility for collection on electronics manufacturers.
2. CLEAN HARBORS ACQUIRES UNIVERSAL ENVIRONMENTAL
Clean Harbors Inc. (NASDAQ: CLHB) has acquired Universal Environmental Inc. of Benicia, California with an office in Sparks, Nevada. Universal Environmental has a team of about 100 employees, and generated approximately $15 million in revenue in 2007. The terms of the agreement were not disclosed.
3. PDG ENVIRONMENTAL WILL BECOME FLAGSHIP PDG
PDG Environmental (OTC BB: PDGE) has announced its new market identity, FlagshipPDG. The brand change is designed to achieve broader market awareness, and to communicate a consistent message to customers, employees, and shareholders. The company is seeking to penetrate new markets and improve cross-marketing across its existing client base.
4. PERMA-FIX COMPLETES SALE OF DAYTON FACILITY TO OGM
Perma-Fix Environmental Services (NASDAQ: PESI) has completed the sale of Perma-Fix of Dayton, Inc., one of the company’s Industrial Segment facilities located in Dayton, Ohio, to OGM, Ltd. For approximately $2.1 million in cash. OGM is an environmental services company located in Columbus, Ohio.
5. ALLIED WASTE WILL ESTABLISH CUSTOMER CENTER IN INDIANA
Allied Waste Industries (NYSE: AW) has announced plans to establish a new regional customer and financial support center in the town of Morocco in Northwest Indiana. The site will eventually provide more than 350 jobs by 2014. The company also operates a 584-acre landfill nearby in Newton County. The Indiana Economic Development Corporation offered Allied Waste up to $1.8 million in performance-based tax credits and up to $200,000 in training grants.
6. BFI CANADA INCOME FUND REPORTS 2007 RESULTS
BFI Canada Income Fund has reported strong results for the year ended Dec. 31, 2007. Total consolidated revenues increased 18.9 percent to $917.4 million CDN, while total consolidated revenue growth was 23.1 percent. Total EBITDA growth was 20.5%, while free cash flow increased to $168.5 million CDN.
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