Report by GAO Criticizes EPA for Failing to Monitor E-waste Exports
A new report by the Government Accountability Office (GAO) is highly critical of the US EPA's lack of oversight regarding the exportation of hazardous electronic materials. The GAO report says that the EPA needs to make a bigger effort to "ensure that the larger universe of potentially harmful electronic devices … is exported in a manner that does not harm health or the environment." The report also said that very few companies actually comply with laws requiring them to notify the agency prior to exporting these wastes. GAO investigators posed as foreign buyers of electronics wastes including old CRTs in Hong Kong, India, Pakistan and other countries and found 43 U.S. companies willing to ignore EPA compliance and reporting rules...Read More »
WM to Replace Milwaukee Area Workers as Union Rejects Offer
Waste Management said that it had reached an impasse with about 240 striking Milwaukee area workers represented by the Teamsters union and as a result, will look to hire permanent replacement workers. At issue, is Waste Management's desire to move its local workers out of the Teamsters' Central States Pension Fund, which the company says is failing, and into the company's own 401(k) plan. The company wanted to scale back wage increases to pay for additional 401(k) pension contributions while discontinuing future contributions to the Teamsters' pension fund. As a result, Central States' trustees threatened to deny Waste Management employees the full pension benefits already purchased on their behalf. In a written statement, the company said that the offer rejected by union members on Sunday was the company's "last, best and final contract offer."...Read More »
Waste Connections to Offer 10 Million Shares of Stock
Waste Connections revised its revenue outlook downward slightly and said it will sell 10 million shares which will boost its total outstanding by 17%. The sale of shares is designed to bolster the company's ability to make further acquisitions, especially those operations that might have to be divested as a result of either an Allied Waste/Republic or Waste Management/Republic merger. Earnings dilution will be slightly magnified in the short term as it is unlikely that the company can "deploy the proceeds" any sooner than the fourth quarter and into the next year...Read More »
Republic Completes $1.75 Billion Credit Facility for Merger
Republic Services said that it has completed its previous announced $1.75 billion credit facility for use in its planned merger with Allied Waste Industries. Bank of America Securities LLC and J.P. Morgan Securities Inc. arranged the deal which will provide the combined companies with much needed additional working capital. Republic also amended its existing $1 billion senior unsecured revolving credit facility to conform to terms of the new borrowing. The company still expects to close the merger with Allied in the fourth quarter...Read More »
Activist Investment Group Critical of Allied's Golden Parachutes
A shareholder activist group representing pension assets and others is challenging what it refers are golden parachute payouts to Allied Waste Industries directors as a result of its proposed merger with Republic Services. CtW Investment Group sent a scathing letter to James Crownover, Chairman of the board's governance committee calling for the board to rescind what it alleges are overly generous payments saying that they represent a conflict-of-interest with other company shareholders. CtW said that five Allied executives who now stand to receive change of control payments totaling almost $52 million...Read More »
Covanta Approves $30 Million Share Repurchase
Waste-to-energy company Covanta Holding Corp. said its Board authorized the company to repurchase up to $30 million of its common stock. "The Board of Directors has determined that this authorization enables the Company to respond opportunistically to volatile market conditions."...Read More »
EPA Seeks Changes to Transboundary Hazardous Waste Reporting
The US EPA is proposing revisions to transboundary hazardous waste reporting requirements (under RCRA) that aim to make them more consistent with those of the Organization for Economic Cooperation and Development (OECD) and to ensure that recovery of these wastes is done in an environmentally sound and efficient manner. They would also replace a patchwork of inconsistent requirements that are part of various bilateral agreements between the US and other countries...Read More »
EnviroSolutions, Anastasio Group & CSX Form Joint Venture
Amid rising fuel costs and ever fewer landfills, meaning there is a greater distance between them, a Virginia-based waste company EnviroSolutions, Inc. has formed a joint venture with Jacksonville, FL-based railroad CSX Transportation, and New Haven, CT-based logistics provider Anastasio Group to offer a vertically integrated rail-based waste solution to municipalities, public authorities, states and corporations, especially those in the Northeast. Trains are on average three times as fuel efficient as trucks and more so over greater distances which also make them more environmentally friendly and gets polluting waste hauling trucks off of the roads...Read More »
CNG Fueling Operation Opens at Landfill in Ohio
Renewable energy company FirmGreen in partnership with the Solid Waste Authority of Central Ohio (SWACO), commenced operations of a processing facility to convert landfill gas into compressed natural gas (CNG). The facility utilizes a proprietary CO2 Wash process to clean methane gas collected from SWACO's Franklin County landfill for use in CNG powered cars and medium duty trucks. It is the first of a multi-phase development that will eventually produce 30,000 gasoline gallon equivalents (GGE)s per day at a cost just below $2.00 per gallon. When compared to a recent average costs for diesel of $4.85 per gallon, it could result in savings of $60,000 per day...Read More »
New Landfill Gas Project Opens at Rappahannock Regional Landfill in Virginia
A new landfill gas to energy project seems to be firing up every day. The latest to open is on the Stafford-Fredericksburg landfill in Stafford County, VA. The landfill owner, the Rappahannock Regional Solid Waste Management Board (R-Board) said that the 2.14 megawatt facility will meet the power needs of 1,300 homes in the area. The board will receive $180,000 a year from a 20-year contract with clean energy company Ameresco which developed the project...Read More »
ISA Expects Higher Third Quarter Earnings
Waste management and recycling company Industrial Services of America announced that the company expects to earn between $0.34 and $0.36 per share in the third quarter. "We will be increasing our ferrous material inventory in the fourth quarter as our shredder will be in place at the first of the year to process this material with plans to sell this material in the first quarter as we believe pricing will be stronger," said Chairman and CEO Harry Kletter. "We have an optimistic outlook for strong ferrous market pricing due to the long-term shortage," he said...Read More »
Waste Management is Seeking Permission to Buy WV Company
Waste Management Inc. has asked West Virginia's Public Service Commission for permission to purchase the assets struggling Cummings Collection Service for $2.5 million. Cummings currently serves about 14,000 customers primarily in Putnam County...Read More »
Sustainable Power Corp. Turns Municipal Solid Waste into Biofuel
Baytown, TX-based Sustainable Power Corp. announced that recent tests of its municipal waste to biofuel process exceeded expectations. The tests showed that as 19.2 pounds of biofuels products resulted from 25 pounds of Municipal Solid Waste, with an average fuel value of 18,000 BTU per pound. "This takes Sustainable Power to a whole new level of environmental achievement," said M. Richard Cutler, CEO of Sustainable Power...Read More »
Sign up to receive our free Weekly News Bulletin