Date: February 13, 2003
Source: News Room
Allied Waste Industries has purchased American Ecology Corp.'s El Centro municipal and industrial waste landfill near Corpus Christi, Texas for $10 million cash, and future volume-based royalty payments. The purchase agreement also provides incentives for Allied to bring certain industrial waste to the Texas Ecologists hazardous waste facility, and for American Ecology to utilize the El Centro landfill. Opened in July 2000, the El Centro landfill was carried on American Ecology's books at approximately $7 million prior to sale. The sale should result in a pre-tax gain on sale for American Ecology of approximately $5 million to be recognized during the first quarter of 2003.
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