Republic Services Rejects Waste Management Offer
The board of directors of Republic Services, Inc. unanimously rejected Waste Management's $6.3 billion offer to purchase the company as an alternative to Republic's plans to merge with Allied Waste Industries. In a letter to Waste Management CEO David Steiner, James O'Connor, Republic's chairman and CEO, suggested that Waste Management's offer of $34 per share for Republic's stock was not significantly higher than the stock's recent trading levels, and he noted that "the merger between Republic and Allied will create significant value-generating opportunities, including significant cost saving synergies." By comparison, "a transaction with Waste Management will involve significant additional regulatory complexities and delays compared to the merger between Republic and Allied given the greater number of overlaps and the requirement to comply with Waste Management's 1999 consent decree."
In response, Waste Management issued a press release expressing the company's disappointment at the Republic board's "unwillingness to consider Waste Management's proposal as one that could reasonably be expected to lead to a superior proposal."...Read More »
Republic Services and Allied Waste Announce Merger Integration Team
Republic Services and Allied Waste Industries, eager to press ahead with their planned merger, and to capture more than $150 million in anticipated synergies, have formed an integration team. The team will be headed by Michael Cordesman, Republic's President and Chief Operating Officer, and Christopher Melocik, Allied's Senior Vice President of Operations and be comprised of about 10 functional experts from each company, as well as Republic Chairman and CEO James O'Connor, Allied Waste President and COO Don Slager, Republic CFO Tod Holmes and Allied Waste EVP and Chief Personnel Officer Ed Evans. The companies have also retained Deloitte Consulting LLP to advise the planning...Read More »
Waste Connections 2Q Profit up by Almost 4%
Waste Connections announced that second-quarter profit rose 3.6%, as higher prices helped offset increased fuel costs. Net income rose to $26.2 million, or $0.39 per share, from $25.3 million, or $0.36 per share, in last year's period. Disciplined customer pricing pushed revenues up by a robust 11% to $267 million from $241.1 million last year. The company reported that average fuel costs rose about 55% year over year, increasing its total fuel expense by $8 million. The results were basically in line with analysts' expectations. Chairman and CEO Ron Mittelstaedt said that the company's strong cash flow, expanded credit facility and recent financing will help fund acquisitions later in the year...Read More »
House Democrats Criticize EPA Waiver to Import PCBs from Mexico
House Energy and Commerce Committee leaders criticized U.S. EPA's decision to grant a waiver allowing Veolia ES Technical Solutions to import polychlorinated biphenyls, or PCBs, from Mexico into its Port Arthur incinerator. Committee Chairman John Dingell (D-Mich.), Environment and Hazardous Materials Subcommittee Chairman Gene Green (D-Texas) and Hilda Solis (D-Calif.) said EPA's decision breaks a decades-old U.S. ban by creating an open border for PCB waste from Mexico. Under the exemption, Veolia would be able to import up to 20,000 tons of PCB waste from Mexico...Read More »
Advanced Disposal Acquires Georgia Landfill
Advanced Disposal Services Inc., continuing its expansion into Georgia, recently acquired a new construction and demolition debris landfill in Walton County. Advanced Disposal bought the 160-acre Caruthers Mill C&D landfill from its developers South Eastern Land Services LLC and South Eastern Industrial Land Services Inc. whom had not yet begun to operate the site. "The acquisition of this disposal asset into Advanced Disposal´s existing line of business allows the company to gain greater density and market share in a dynamic, high growth area of the Southeast," said Charlie Appleby, Advanced Disposal´s chairman and CEO. Advanced Disposal now owns and operates three municipal solid waste (MSW) and seven C&D debris disposal sites in Georgia, Florida, Alabama and Mississippi...Read More »
Fulcrum Bioenergy to Build First Commercial-Scale MSW-to-Ethanol Plant
Pleasanton, Ca-based Fulcrum BioEnergy, Inc. announced plans to build what it beleives to be the first commercial-scale production facility for converting municipal solid waste to ethanol. When it begins operation in early 2010, the Sierra BioFuels plant is expected to produce approximately 10.5 million gallons of ethanol per year, and to process nearly 90,000 tons per year of municipal solid waste that would otherwise be destined to a landfill. Fulcrum BioEnergy will design, finance, construct, own and operate the plant, which will be located ten miles east of Reno, Nevada. This late-stage development project is expected to cost $120 million and is set to enter construction by the end of this year. "This project is a watershed event in our nation's efforts to create a sustainable source of domestic, renewable transportation fuel ... [and] has profound social and environmental benefits," said Fulcrum's President and Chief Executive Officer E. James Macias...Read More »
Waste Management Launches Household CFL Recycling Program
Waste Management, Inc. has launched ThinkGreenFromHome.com, a household universal waste management offering initially highlighted by a program for recycling mercury-bearing compact fluorescent lamps (CFLs). Under the program, participating households can order CFL recycling kits online, which incorporate Mercury VaporLok technology to reduce the risk of mercury contamination and airborne exposure from broken lamps. The company estimates that approximately 4 billion CFLs will be in household use by 2012, when less efficient incandescent bulbs will have been phased out by law. They hope to expand ThinkGreenFromHome.com to include other programs for recycling universal wastes such as batteries and electronic products...Read More »
Alter NRG Announces Canada's First Coal to Liquids Project
Alter NRG Corp. plans to build Canada's first coal-to-liquid-fuel project, which could ultimately produce as much as 40,000 barrels per day. The company would employ its gasification technology to harness clean burning synthetic gas from coal while sequestering residual carbon dioxide and eliminating harmful contaminants from the coal. The "syngas" would then be liquefied. The $4.5 billion project could be operational as early as 2014 with a workforce of 400 or more. The company has selected a site near Fox Creek, Alberta for its proximity to infrastructure and mature oil fields that would benefit from enhanced oil recovery by the injection of CO2...Read More »
Landfill Methane to Energy Project Proposed for Charleston, WV
A former West Virginia state treasurer has proposed to build a 3-megawatt landfill gas-to-energy project on the city of Charleston's landfill. Tom Loehr, who now runs Fourth Venture Group and WeSave Inc., has lined up $3 million in private financing for this new venture called Charleston Clean Energy LLC. Under the proposal, the city would receive a 12.5% royalty on all power sold...Read More »
Clean Harbors to Announce 2Q Financial Results on August 6
Clean Harbors will host a conference call to announce second quarter financial results on Wednesday, August 6 at 9 a.m. (Eastern)...Read More »
American Ecology to Release Second Quarter Earnings on July 31
American Ecology plans to release second quarter financial results on Thursday, July 31 prior to the opening of the market. Management will host a conference call at 11 a.m. (Eastern) that morning to discuss those results...Read More »
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