Date: January 9, 2003
Source: News Room
Waste Management Inc. will form a new recycling unit, which will contribute about $200 million to 2003 revenue and $18 million to earnings before interest, taxes, depreciation and amortization. In a press release Monday, the company said it will own 90% of the new Recycle America Alliance, while the Peltz Group, a privately held Milwaukee-based recycler, will own the remaining stake. Waste Management plans to invest $58 million cash in the recycling unit, which will have about 3,300 employees and 80 recycling plants. The company had 2001 revenue of $11.32 billion, EBITDA of $3.03 billion, and net income of $503 million, or 80 cents a share. New York Stock Exchange-listed shares of Waste Management recently traded at $ 23.77, down 19 cents, or 0.8%, on composite volume of 356,000 shares. Two million shares trade on an average day.
Company Web site: www.wm.com.
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