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CHAMBERS SELLS SOUTH CAROLINA HAULING OPERATION FOR $5 MILLION

 PITTSBURGH, Dec. 3 /PRNewswire/ -- Chambers Development Company, Inc. (AMEX: CDVA, CDVB) today announced that it has completed the sale of its collection and hauling operation in Conway, S.C., to Waste Industries, Inc. for approximately $5 million. Chambers expects to record a gain on the transaction of approximately $2 million and the proceeds will be used for debt reduction and general corporate purposes. Waste Industries, Inc., is a privately owned solid waste collection company headquartered in Raleigh, N.C.
 Alexander Rangos, Chambers' executive vice president of operations, said, "Both parties are pleased with this transaction. Conway Hauling was not integrated with any of the landfills in the Chambers network. However, it will be a valuable addition to the existing hauling units operated by Waste Industries, Inc."
 John G. Rangos Sr., Chambers' president and CEO, said, "This and previous asset sales are part of Chambers' previously announced restructuring program to sell non-strategic assets. The prices we have received for the assets we have sold clearly reflects the excellent value Chambers has created in the businesses and facilities we have developed."
 Chambers, headquartered in Pittsburgh, is a leading environmental services firm involved in landfill, transfer station and recycling operations, as well as the collection, transportation and disposal of residential, commercial, non-hazardous industrial and medical wastes.
 -0- 12/3/93
 /CONTACT: media, Jim Leonard, 412-244-7560, or financial, Lew Nevins, 412-244-6195, both of Chambers Development/
 (CDV)


CO: Chambers Development Company, Inc.; Waste Industries, Inc.;
 Conway Hauling ST: Pennsylvania, South Carolina IN: ENV SU: TNM


DM-CD -- PG004 -- 0140 12/03/93 10:10 EST
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Publication:PR Newswire
Date:Dec 3, 1993
Words:259
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