Continental completes acquisitions and enters Mexico market.CLARK, N.J.--(BUSINESS WIRE)--Aug. 21, 1995--Continental has completed previously announced acquisitions of a waste collection and transfer operation in Potosi, Mo. and of a recycler center in Terre Haute Terre Haute (tĕr`ə hōt, tĕr`ē hŭt), city (1990 pop. 51,483), seat of Vigo co., W Ind., on the Wabash River; inc. 1816. , Ind. In addition, Continental announced that it has closed on a previously unannounced purchase of a waste collection and transfer company in Anderson, Ind. Shortly after completing the purchase of the Potosi hauling and transfer operation, the company signed a multi-year collection and disposal contract with a nearby city government and acquired the predecessor contractor's remaining operations in this area. Collectively, the new government contract and commercial route purchased will add approximately $800,000 per year to the $2.4 million revenue of the acquired operations. Continental is currently internalizing at least 50% of the disposal cost of the acquired unit at its Southern Illinois Regional Landfill. Continental also purchased Terre Haute Recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue of $2.0 million. The business processes hi-grade paper, cardboard Cardboard is a generic non-specific term for a heavy duty paper based product. Paperboard
Paperboard is a paper based material. It is often used for folding cartons, set-up boxes, carded packaging, etc. and other fiber products from commercial and industrial customers. Continental has combined the recycling operations of its local waste collection subsidiary into the Terre Haute facility and is developing plans to expand its recycling capability in this market to satisfy increased demand. The Anderson operation generates annualized revenue of $2.5 million from a combination of municipal contracts, commercial/industrial customers and transfer station operation. Internalization Internalization A decision by a brokerage to fill an order with the firm's own inventory of stock. Notes: When a brokerage receives an order they have numerous choices as to how it should be filled. of the Anderson transfer station waste of the company's Ft. Wayne, Ind. landfill is currently averaging 200 tons per day and the prospect for increasing this volume is favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. . Continental also announced that it had entered the Mexico market with the purchase of a majority interest in a company which provides landfill management, solid waste engineering and related services, principally to governmental customers, throughout Mexico. In addition, the company provides non-hazardous waste collection services to industrial customers in metropolitan Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi . Continental will undertake to expand the acquired company's collection operations by implementing an aggressive marketing program. Continental officials cited that "more important than the $1.5 million of revenue which will be contributed by the acquisition, is the administrative support and local assistance that we will receive from our Mexican partner in the Company's efforts to commence landfill operations in the Mexico City metropolitan marketplace, which is a market that produces in excess of 20,000 tons per day and is quickly running out of permitted capacity." Although the purchase price for these acquisitions was not disclosed, they were all funded through cash, issuance of Continental common stock, and assumption of debt. Continental provides integrated solid waste management services to approximately 145,000 residential, commercial and industrial customers concentrated in the Midwestern and Mid-South regions of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . These services include non-hazardous landfill disposal, solid waste collection, recycling and transfer station operations. The company also provides solid waste collection and disposal services in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Continental currently owns 8 landfills, 9 collection operations, and 13 transfer stations in eight Central U.S. States A U.S. state is any one of the fifty subnational entities of the United States, although four states use the official title "commonwealth". The separate state governments and the federal government share sovereignty, in that an American is a citizen both of the federal entity and and Latin America employing over 475 persons. CONTACT: Continental Waste Industries Carlos E. Aquero/Michael J. Drury 908/396-0018 |
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