Waste Management Will Lay Off 800

Date: June 26, 2003

Source: News Room

Waste Management Inc. (NYSE: WMI) will cut 800 white-collar jobs, or 3.3 percent of its work force, as cost-saving software applications replace labor. The move follows the company's layoff of 970 employees in March. Waste Management, which was embroiled in an accounting scandal five years ago, said it will take a $20 million pretax charge in the second quarter ending June 30 for severance and related costs. It said the cuts would result in an estimated $20 million in 2003 pretax cost savings and $50 million annual savings.
More information: www.wm.com.

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