WM Recycle America has acquired AbitibiBowaters recycling facilities
WM RECYCLE AMERICA ACQUIRES ABITIBIBOWATER’S
TEXAS RECYCLING FACILITIES
HOUSTON - Jan. 8, 2010 - Waste Management, Inc, (NYSE:WM) the largest waste services and residential recycling company in North America, announced that its subsidiary, WM Recycle America, has acquired AbitibiBowater’s recycling facilities located in Arlington, San Antonio and Houston, Texas for $12 million.
“The acquisition represents an important strategic opportunity to compete in three competitive solid waste markets,” said Pat DeRueda, president of WM Recycle America. “These valuable assets also allow Waste Management to accelerate the expansion of its recycling capacity in Texas.”
The acquisition of AbitibiBowater’s recycling facilities fits into Waste Management’s strategy and primary financial goals of earnings growth, margin expansion, and strong cash flow generation and increasing the Company’s long-term return on invested capital.
Under the agreement, Waste Management will continue to process materials from AbitibiBowater. The three recycling facilities have a combined processing capacity of over 400,000 tons per year. The acquisition also supports Waste Management’s ongoing sustainability program, particularly to meet its target of recycling 20 million tons of material by 2020.
About Waste Management
Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Our subsidiaries provide collection, transfer, recycling and resource recovery, and disposal services. We are also the largest residential recycler and a leading developer, operator and owner of waste-to-energy facilities in the United States. Our customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more about Waste Management, visit www.wm.com <http://www.wm.com/> or www.thinkgreen.com <http://www.thinkgreen.com/>.
WM Recycle America is a subsidiary of Waste Management and is the largest residential recycler in North America. WM Recycle America’s business lines include processing many types of consumer-generated recyclables and finding the best markets for the recyclable commodities produced. In its capacity of providing processing and marketing services, WM Recycle America offers a wide variety of recycling options for municipal, manufacturing, commercial and residential customers.