HOUSTON– Waste Management, Inc. (NYSE: WM) today announced that it has received all required approvals for and has now closed on the previously announced acquisition of the outstanding stock of Deffenbaugh Disposal, Inc. (“Deffenbaugh”).
“The acquisition of the Deffenbaugh assets aligns perfectly with our stated goal of driving shareholder value by maximizing our focus on our core business,” said David P. Steiner, President and Chief Executive Officer of Waste Management. “It also achieves one other important objective: replacing a portion of the divested 2014 Wheelabrator earnings at an attractive price.”
“These are great assets operated by great people, who care deeply about their customers and their communities and we’re excited to welcome Deffenbaugh’s employees to our Waste Management team,” continued Steiner. “We look forward to a successful integration and continuing Deffenbaugh’s long history of community involvement, strong record of excellent customer service and ultimately expanding our service offerings to our new customers.”
After divesting the operations required by the U.S. Department of Justice, Deffenbaugh generates approximately $176 million of third party revenue and $52 million of operating EBITDA annually.
Deffenbaugh’s assets include five collection operations, seven transfer stations, two recycling facilities, one subtitle-D landfill, and one construction and demolition landfill.
Today’s closing follows the announcement on October 6, 2014 that Waste Management had entered into an agreement to acquire Deffenbaugh Disposal.
ABOUT WASTE MANAGEMENT
Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Through its subsidiaries, the company provides collection, transfer, recycling and resource recovery, and disposal services. It is also a leading developer, operator and owner of landfill gas-to-energy facilities in the United States. The company’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management, visit www.wm.com or www.thinkgreen.com.
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