Waste Services has signed an agreement for the sale of its Jacksonville, Fla., area hauling and materials recycling operations and construction and demolition debris landfill to Advanced Disposal Services, Inc. for $57.5 million. The company will retain ownership of the Jacksonville materials recycling and hauling facilities and lease them to the purchaser.
David Sutherland-Yoest, Waste Services chairman and CEO, said, "Our strategy in Florida is to operate as an integrated service provider and, because of the location of the Jacksonville operations, we are unable to economically internalize waste into the JED landfill. This transaction reflects the intrinsic value of our operations and our ability to rationalize those pieces that may not fit our long term strategy. Even though the Jacksonville operation contributed seven million dollars in EBITDA last year, completing this transaction will both strengthen the company's balance sheet and finance more attractive opportunities that will increase volumes into owned disposal facilities."