Continental announces acquisition of collection and transfer recycling operation and landfill development projects.
The transaction is subject to completion of due diligence and New Jersey state regulatory approval on the transfer of the license and permit. The purchase price, which was not disclosed, will be paid principally through a draw down on Continental's credit facility and with common stock.
Continental believes that it will gain regulatory approval to increase permitted waste flow through the transfer/recycling facility allowing for tuck in acquisitions in the same market area.
In addition, the company announced that its subsidiary, NationsWaste Inc. has been selected by the Three Rivers Solid Waste Authority in Aiken County, S.C. for exclusive rights to negotiate a long-term agreement for the development, operation and management of a new regional solid waste disposal facility.
The facility will initially serve a nine county region that collectively generates approximately 1,000 tons per day and, assuming a contract is signed by March 1st, should be in operation by the end of 1996.
Continental provides integrated solid waste management services to approximately 175,000 residential, commercial and industrial customers concentrated in the midwestern and mid-south regions of the United States, in Costa Rica and in Mexico. These services include non-hazardous landfill disposal, solid waste collection, and transfer station operations.
Continental currently owns and operates nine landfills, nine collection operations, 14 transfer stations, three recycling facilities, and employs over 700 persons.
CONTACT: Continental Waste Industries Inc., Clark
Carlos E. Aguero or Michael J. Drury, 908/396-0018
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|Date:||Feb 16, 1996|
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