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Waste Business Journal Weekly News Bulletin: Dec. 18-24, 2007

Headlines...

  1. Waste Industries Agrees to go Private for $38 per Share
  2. Waste Management Approves $1.4 Billion Capital Allocation Program for 2008
  3. EPA Reclassification of Hydrogen Sulfide Could be Headache for Landfills
  4. Covanta Invests in Waste-to-Energy in Southeast China
  5. Senate Strips House Energy Bill of Renewables Incentives
  6. NYMEX and Partners Form "Green Exchange"
  7. Survey Indicates Americans Mean to Go Green in 2008
  8. Conservative to Lead GOP on House Waste Panel
  9. Phoenix Based Company Forms $100 Million Alternative Energy Startup
  10. Allied Waste Secures $40 Million Solid Waste Revenue Bonds
  11. GreenMan Technologies Reports Strong Year and Fourth Quarter
  12. EH&E White Paper: Managing Pharmaceutical Hazardous Waste in Hospitals
  13. Masada Teams With Dominican Republic Co. to Develop Waste-to-Ethanol Projects
  14. Waste Pro Announces Management Promotions

 

  1. Waste Industries Agrees to go Private for $38 per Share

    Waste Industries USA Inc. announced the signing of a definitive merger agreement with an investor group led by Lonnie Poole, the company's founder and Chairman, and Jim Perry, the company's President and CEO, and financial partners Macquarie Infrastructure Partners and Goldman Sachs, whereby the investor group would buy all outstanding shares of Waste Industries that the investor group does not already own (49%) for $38 per share in cash. The total equity value of the transaction, including the investment to be made by the investor group, is valued at about $544 million. The price represents a 33% premium to the closing share price on the day prior to the initial October 22 offer. The company expects the transaction to close during the first half of 2008 and is subject to the approval of the shareholders of Waste Industries, certain regulatory approvals and other customary closing conditions...Read More »

  2. Waste Management Approves $1.4 Billion Capital Allocation Program for 2008

    Waste Management Inc.'s board has approved a capital allocation program for 2008 that includes the authorization for up to $1.4 billion in combined cash dividends and share buybacks. The company expects to raise its quarterly dividend 12.5% to $0.27 from $0.24 per share, beginning in the first quarter. Share repurchases are not to exceed $1.4 billion, less dividends paid. Currently, management expects to pay about $560 million in dividends in 2008. The amount of stock repurchased will depend on capital expenditures, cash acquisition costs and cash allocated to the retirement of debt, among other items, the company noted...Read More »

  3. EPA Reclassification of Hydrogen Sulfide Could be Headache for Landfills

    A new proposal by the US EPA to list the gas hydrogen sulfide as a hazardous air pollutant under the Clean Air Act is likely to add headache and expense for landfill operators. Hydrogen sulfide, known for smelling like rotten eggs, is particularly prevalent in construction and demolition landfills. It results from the decomposition of gypsum, a key component of wallboard, in a wet airless environment. Landfill operators would likely face increased reporting requirements and expenses related to the mitigation of these gases...Read More »

  4. Covanta Invests in Waste-to-Energy in Southeast China

    Covanta Holding Corp. has taken a 40% stake in a joint venture with a leading Chinese power company Guangzhou Development Industry Co. to develop waste-to-energy projects in the Guangdong Province of China. The new company called Guangzhou Development Covanta Environmental Energy Co., Ltd, will design, build, own, and operate new energy-from-waste facilities throughout the region. China generates an estimated 280 million tons of municipal solid waste annually, most of which is landfilled. The new venture will capitalize on plans by the Chinese Ministry of Construction to increase energy-from-waste from 2005 levels of less than 2% of waste disposal to 30% of total municipal waste disposal by 2030...Read More »

  5. Senate Strips House Energy Bill of Renewables Incentives

    The Senate dealt a blow to the waste industry with its revisions of a comprehensive energy bill recently passed by the House of Representatives by stripping the bill of its tax package and 15% renewable portfolio standard (RPS). The tax package had included a long-term extension of the investment tax credit and a short-term extension of the production tax credit, which developers of solar, wind, waste and other renewable energy projects regard as even more critical than the RPS to encouraging future project development. However, the House measure faced the threat of a veto by President George Bush and objections by Senate Republicans since the $21.8 billion tax package would be funded by eliminating tax breaks for the oil industry...Read More »

  6. NYMEX and Partners Form "Green Exchange"

    The New York Mercantile Exchange, Inc. (NYMEX) has formed the Green Exchange in partnership with Evolution Markets Inc., Morgan Stanley Capital Group Inc., Credit Suisse, JPMorgan, Merrill Lynch, Tudor Investment Corp., ICAP and Constellation Energy. The Green Exchange will offer a range of environmental futures, options and swap contracts for markets that are designed to provide solutions to climate change mitigation, renewable energy development, and other environmental challenges, NYMEX said. "The broad slate of new environmental products will perfectly complement NYMEX's energy complex, enabling Green Exchange customers to efficiently manage the cost of reducing their ‘carbon footprint,'" said NYMEX Chairman Richard Schaeffer...Read More »

  7. Survey Indicates Americans Mean to Go Green in 2008

    A recent consumer survey indicates that three fourths of Americans plan to be more environmentally responsible in 2008. The survey, conducted by marketing consultancy Tiller LLC, also revealed that half of the one thousand polled plan to make "green" a New Year's resolution. Two thirds intend to cut their use of household chemicals, and 42% would start using fabric reusable grocery bags. One third of respondents felt guilty in recent years about not living a more environmentally friendly lifestyle. Whatever the intentions, Americans continue to generate more per capita waste each year, albeit at a slowing rate of increase in recent years...Read More »

  8. Conservative to Lead GOP on House Waste Panel

    Environmental groups appear concerned that House Republicans have named Rep. John Shadegg (R-AZ), a prominent conservative, to be the ranking member of the Energy & Commerce Committee's environment and hazardous materials subcommittee. Shadegg is a seven-term lawmaker who is a proponent of reduced federal spending and interference. Following Hurricane Katrina, he pushed a bill intended to encourage construction of new refineries by scaling back clean air permitting and other environmental requirements. In 2000, Shadegg voted in favor of a bill that would have provided a liability exemption for small businesses that contributed small amounts of waste to a Superfund site. In that same year he voted in favor of a bill that would have allowed nuclear waste shipments to the Yucca Mountain site...Read More »

  9. Phoenix Based Company Forms $100 Million Alternative Energy Startup

    Phoenix AZ-based Najafi Companies is funding a $100 Million alternative energy start-up company to invest in renewable energy projects. The investment vehicle, to be called Energy Capital Investments LLC, will invest in solar, geothermal, biomass and other alternative energy projects with the goal of building substantial portfolios in each of its focus markets. "This is a very exciting venture for us, and we've pulled together a first class management team to spearhead it," said Mr. Jahm Najafi, CEO of Najafi Companies. "We spent a great deal of time evaluating the most effective way to enter this marketplace not only to take advantage of the explosive growth opportunities, but also to participate, in a direct and meaningful way, in providing solutions to an ever-increasing energy demand."...Read More »

  10. Allied Waste Secures $40 Million Solid Waste Revenue Bonds

    Allied Waste Industries recently closed $40 million in solid waste revenue bonds. The deal was comprised of two concurrent offerings; one for $30 is with the Indiana Finance Authority; the other for $10 million is with the Industrial Development Authority of Yavapai County in Arizona. According to CFO Pete Hathoway, "This attractive rate financing promotes continued economically beneficial investment throughout the State of Indiana and the State of Arizona, home to our Operations Support Center."...Read More »

  11. GreenMan Technologies Reports Strong Year and Fourth Quarter

    Scrap tire recycling firm GreenMan Technologies turned in its first profitable year since 2002 buoyed by solid fourth quarter performance, the second consecutive profitable quarter. Net revenues for the quarter and fiscal year increased 19% and 15%, respectively, and gross margin grew to 30% both for the quarter and the year. According to CEO Lyle Jensen, "Our strategic focus on meeting the increasing demand for higher margin crumb rubber products contributed to a 40 percent and 27 percent increase in overall end product revenue for the quarter and fiscal quarter ended September 30, 2007."...Read More »

  12. EH&E White Paper: Managing Pharmaceutical Hazardous Waste in Hospitals

    Engineering and consulting firm EH&E has a published a free white paper titled "Managing Pharmaceutical Hazardous Waste in the Hospital." It is intended to help Hospitals and healthcare facilities better understand the often complex reporting requirements and manage the proper disposal of pharmaceutical waste material...Read More »

  13. Masada Teams With Dominican Republic Co. to Develop Waste-to-Ethanol Projects

    Birmingham, AL-based Masada Resource Group LLC, which develops waste-to-fuel projects, plans to raise $60 million to invest with a privately owned company in the Dominican Republic to build facilities there that will convert MSW into ethanol and electricity...Read More »

  14. Waste Pro Announces Management Promotions

    Longwood, Fl-based Waste Pro USA, Inc. announced a series of management promotions. Robert J. (Bob) Hyres becomes Executive VP; Fred V. Wood, SVP of Waste Pro USA assumes the additional post of President of Waste Pro of Georgia. Waste Pro has grown in the past 5 years from an original group of 6 employees to now over 1,200 employees serving 26,000 businesses and over 600,000 residences in the states of Florida, Georgia, South Carolina, and Alabama...Read More »

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