USA WASTE SERVICES ANNOUNCES SERIES OF ACQUISITIONS
USA WASTE SERVICES ANNOUNCES SERIES OF ACQUISITIONS DALLAS, Jan. 3 /PRNewswire/ -- USA Waste Services, Inc.
(NASDAQ: USAS) announced today that it had entered into a series of contracts to acquire four solid waste collection companies operating in the northern suburbs of Chicago, and a landfill operation in North Dakota for an aggregate consideration of approximately $25.6 million comprised of $15.3 million in cash and approximately 573,000 shares of the company's common stock.
The largest of the collection company acquisitions and the landfill acquisition have been consummated. The other collection company acquisitions are scheduled to close during the first two weeks of January. These acquisitions should add about $14 million to USA Waste's revenues during 1992. The company's total revenues for 1991 will approximate $19 million. Donald F. Moorehead Jr., chairman of USA Waste, stated that management was very enthusiastic about this current tier of acquisitions. "The Illinois collection companies operate in the same area as USA Waste's Lake County, Ill., landfill and will complement our disposal operations by securing existing waste streams and adding additional waste streams to the site," Moorehead stated. The North Dakota landfill has approximately 320 acres under permit and now gives the company a total of four operating landfills. USA Waste has funded these acquisitions by an expansion of its bank line of credit, an equity infusion comprised of a private placement of shares and the exercise of certain outstanding warrants, as well as the use of existing corporate funds. USA Waste, based in Dallas, is a fast growing solid waste management company, performing both waste collection and disposal services in several locations nationwide. -0- 1/3/92 /CONTACT: Earl E. DeFrates of USA Waste Services, 214-233-4212/ (USAS) CO: USA Waste Services, Inc. ST: Texas, Illinois, North Dakota IN: SU: TNM
CK -- NY033 -- 6531 01/03/92 14:31 EST
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|Date:||Jan 3, 1992|
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