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Waste Business Journal Weekly News Bulletin: Feb. 28-Mar. 6, 2002

Headlines...

  1. Environmentalists Decry E-Waste Handling Practices
  2. Hi-Rise Sells Solid Waste Division To HRS
  3. Waste Management Announces 4Q, Full 2001 Results
  4. Waste Management To Lay Off 2,000 People
  5. SCS Names Walsh as President/CEO
  6. Envirogen Turns In Yearly 2001 Results
  7. Stericycle Reports Record 4Q Results
  8. Bush Nominates EPA Enforcement Head

 

  1. Environmentalists Decry E-Waste Handling Practices

    An international group of environmental organizations has charged that computer makers and their consumers, along with the U.S. government, have used Asian nations as a dumping ground for hazardous electronic waste. "Exporting Harm: The High-Tech Trashing of Asia" contends that "huge quantities" of e-waste are being exported to China, Pakistan, and India, where subsequent handling presents a significant threat to human and environmental health. The report was issued by the Basel Action Network and the Silicon Valley Toxics Coalition, with contributions from Toxics Link India, a Pakistani group called SCOPE, and Greenpeace China. The centerpiece of the report is an investigation into the Guiyu area of southern China. The groups report that 100,000 poor and migrant workers break apart and process obsolete computers imported chiefly from North America...Read More »

  2. Hi-Rise Sells Solid Waste Division To HRS

    Hi-Rise Recycling Systems, Inc. (OTCBB:HIRI), in connection with its Chapter 11 filing, will sell the business of its Solid Waste Equipment Division to HRS Acquisition Company, an affiliate of a privately owned investment management firm managing a number of private equity funds with capital under management in excess of $200 million. The sale will be for an aggregate purchase price equal to $31 million in cash plus the assumption of specified company liabilities. The transaction will consist of the sale of substantially all of the assets and assignment of specified liabilities and contracts of DeVivo Industries, Inc., Hesco Sales, Inc., United Truck and Body Corporation, BesPac Inc., DII Acquisition Corp., and American Gooseneck Inc. The Solid Waste Equipment Division manufactures solid waste metal containers, balers, compactors, roll-off containers, transfer trailers, roll-off hoists, and other specialized equipment...Read More »

  3. Waste Management Announces 4Q, Full 2001 Results

    Waste Management Inc. (NYSE:WMI) has announced financial results for its fourth quarter and for the year ended Dec. 31, 2001. Revenues for the quarter were $2.79 billion as compared to $2.88 billion in the year ago period. Net income reported for the quarter was $158 million or $0.25 per share, compared with $39 million, or $0.06 per share for the fourth quarter 2000. Following certain adjustments, fourth quarter 2001 net income was $198 million or $0.31 per diluted share compared with $181 million, or $0.29 per diluted share in the year ago period. The current quarter's results include the benefit of $77 million in net expense reductions resulting from settlements to lawsuits filed against numerous insurance carriers. For the full year 2001, revenues of $11.32 billion were reported, compared with $12.49 billion in 2000. Full year net income for 2001 was $503 million, or $0.80 per share, compared with a net loss of $97 million, or $0.16 loss per share, in 2000...Read More »

  4. Waste Management To Lay Off 2,000 People

    Waste Management, Inc. (Houston, TX) announced that the next step in its restructuring initiative will involve the elimination of one management layer and the layoff of 2,000 people, or 3.5 percent of its work force, as part of an effort to streamline the organization. Under the new framework, Waste Management is moving from four field layers to three and reducing from four to two the number of field layers that have administrative and functional support staff. The employment cutback will result in savings of up to $100 million per year, the company said...Read More »

  5. SCS Names Walsh as President/CEO

    SCS Engineers has announced the appointment of James J. Walsh, P.E., as its new President/CEO. Walsh succeeds Robert P. Stearns, P.E., DEE, the firm's co-founder and President/CEO for the past 25 years. Stearns will continue as Chairman of the Board with SCS. Walsh began his career with SCS in 1974, and helped build SCS' Midwest practice when he became Vice President and Director of SCS' Cincinnati office in 1978. Since 1993, Walsh has led SCS' national Solid Waste Practice as Senior Vice President...Read More »

  6. Envirogen Turns In Yearly 2001 Results

    Envirogen, Inc. (Nasdaq: ENVG) has announced revenues of $20.44 million for the twelve months ended December 31, 2001 as compared to revenues of $20.34 million in 2000. Net loss for 2001 was $486,000 as compared to $2.05 million in 2000. Net loss per share was $.12 in 2001 and $.52 in 2000. Cash and marketable securities were $2.8 million as of December 31, 2001. Envirogen is a broad-based environmental systems and services company providing the means to remove pollution from the air, water and soil...Read More »

  7. Stericycle Reports Record 4Q Results

    Stericycle, Inc. (Nasdaq: SRCL), a provider of regulated medical waste management services, has reported record quarterly financial results for the fourth quarter of 2001. Revenues for the fourth quarter ended December 31, 2001 were $93.4 million, up 9.3% from $85.4 million in the same quarter last year. Net income for fourth quarter 2001 before one-time charges rose 35.9% to $7.1 million, up from $5.2 million in the same quarter last year. After-tax earnings per share for fourth quarter 2001 rose 27.7% to $0.33, up from $0.26 in the same quarter last year...Read More »

  8. Bush Nominates EPA Enforcement Head

    The Bush Administration has nominated John Peter Suarez, a former assistant counsel to EPA Administrator Christine Whitman when she was governor of New Jersey, to serve as EPA's assistant administrator for enforcement and compliance assurance. Suarez is currently serving as director of the New Jersey Division of Gaming Enforcement. The nomination comes as Eric Schaeffer, alleging that the Bush Administration improperly interfered with Clean Air Act enforcement actions against power plants, has resigned his position as director of EPA's Office of Regulatory Enforcement...Read More »

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