Date: October 4, 2012
Charlotte, NC-based Wastequip announced that it is reorganizing its operations into four stand-alone business units: steel and environmental containers and hoppers; mobile products including tarps, hoists and vacuum trucks; plastics, including Toter brand carts and containers; and technical equipment that includes compactors, balers and intermodals. The company, which is under new ownership and a new CEO appointed last June, hopes to be more responsive to the needs of its customers by aggregating its product lines according the needs of its distinct types of customers. Wastequip's brands include Wastequip, Toter, Galbreath, Pioneer, Accurate, Cusco, Mountain Tarp and Parts Place.
See also: "Wastequip Recapitalized; Has New Owner and New CEO," (www.wasteinfo.com/news/wbj20120627H.htm), June 15, 2012.
Wastequip Customer Letter
September 26, 2012
Dear Valued Wastequip Customer:
I want to share with you some exciting changes that are underway here at Wastequip. These changes are designed to make Wastequip a more customer-centric and product driven organization and are based on direct feedback - from you.
Over the past several months, we gathered data during numerous visits to customers and dealers along with input from employees at all levels of the organization.
We found that our current corporate structure is not ideal for satisfying customer requirements or marketplace needs and has resulted in confusion and, in some cases, frustration for our customers. We want to eliminate these issues and transform Wastequip into a company that is more nimble and responsive with a laser-like focus on customers and products. After a lot of discussion and analysis, we have decided to better align how we go to market.
Our divisions and independent brands will be centered around a passion for delivering world-class products and service to our customers. These divisions are aligned based on market need and operational core competencies. I am pleased to announce the following new divisions and introduce their leaders:
Containers - President, Vance Tabb - encompassing all our container business and plants, hoppers, and environmental containers
Mobile Products - President, Shawn King - encompassing Mobile Products, Cusco Vacuum Trucks, and Mountain Tarp/Pioneer Tarps
Technical Products - President, Andrew DeStefano - encompassing compactors, balers, and intermodal containers
Toter Plastics - President, Joe Futcher - encompassing all Toter products
You might be wondering what this new divisional structure means for you. Let me specifically address some key areas of concern:
Will my sales person change? You will now have dedicated product sales specialists with expertise in their specific area of business, rather than a single Wastequip sales representative attempting to sell all Wastequip products. If you currently purchase multiple products, you will have sales representatives for each of those product lines. We feel this is the best way to ensure you have access to the market expertise you need.
How will this impact the quoting process? Dedicated product specialists will be able to help you figure out what product(s) will best suit your needs and then get quotes out faster.
Does this new divisional structure mean manufacturing facilities will be consolidated or closed? No! We will invest in our manufacturing facilities to make them more efficient. This divisional structure also means that all facilities are appropriately aligned with each divisional president. For example, all container facilities are now part of the container division under Vance Tabb. Previously container facilities were split between two presidents. Additionally, facilities will increase inventory to be able to respond to our customers' needs more quickly. And regardless of the facility in which a product is built, customers can be assured they will receive the same high quality product built to the same rigorous standards each time.
How will large multi-state and national accounts be handled? We will have a dedicated team to coordinate national account sales across all product lines. This team will report directly to me to ensure these accounts are given the attention they need.
How else will I benefit from this change? Wastequip will make significant investments in engineering, research and development as well as inside sales to ensure we maintain a leadership position in the waste industry. The result for customers is leading-edge products with a faster time to market. Wastequip is also adding a market research team to monitor current competitor and industry trends and to ensure we stay ahead of them. Our goal is to continue to lead the waste and recycling industry with the best products. Said simply, we know we need to earn your business, not expect it.
What does all of this mean for pricing? I believe Wastequip offers the best products in the waste and recycling industry. As we invest in the business, we will ensure that products remain competitively priced.
In the coming weeks, we will give each of you an opportunity to have your questions addressed in a town hall type forum. In the meantime, please be assured our number one priority is you, our customer, and we will work diligently to make this a seamless transition.
I am excited about Wastequip's future and appreciate your continued support. Should you have any questions or concerns, please feel free to contact me or any member of the management team.
Martin "Marty" Bryant
Chief Executive Officer