Casella Waste Systems, Inc.
announced that it has completed the sale of two non-core assets -- its waste
remediation operation, and its plastic resin brokerage.
The sale of Total Waste
Management, Inc. of Newington, N.H. and Manner Resins, Inc. of Annapolis, Md.
stems from the company's plan to refocus on its traditional, regional solid
waste operations and divest non-core businesses.
"In December, along
with our most recent quarterly results, we announced we would begin to shed
non-core assets," John W. Casella, president and CEO of Casella Waste
Systems, said. "This is the first step in that process as we refocus on
our traditional integrated solid waste franchise."
Proceeds from the
transactions, which total just under $3 million, will be used to pay down debt
under the company's senior credit facility. These transactions will have no
material impact on the company's revenue and earnings before interest, taxes,
depreciation and amortization.
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