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Waste Systems International, "WSI", Enters Pennsylvania Market
With Acquisition of Landfill in Hopewell Township
Existing Permitted Landfill Capacity Exceeds 3 Million Cubic Yards
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov. 20, 1997-- Waste Systems International Inc. (NASDAQ:WSII -
news) announced today that it has signed a purchase and sale agreement to acquire the 700 acre municipal solid waste landfill in Hopewell Township, Pennsylvania.
The purchase price of approximately $6 million will be paid primarily by the assumption of debt on the facility. The existing three million cubic yard landfill consists of five permitted cells, one of which is currently being utilized. In addition, WSI has identified additional room for expansion at the landfill. The transaction is expected to close during the first quarter of 1998.
''Pennsylvania is a brand new market for WSI, one which offers substantial growth possibilities,'' commented Philip Strauss, WSI's chairman, president and chief executive officer. ''We will employ the same approach as we have successfully done in Vermont to build a network of adjoining transfer stations and collection companies in central Pennsylvania. This untapped region allows us to serve the nearby collection markets of Altoona and State College, and is within transportation distance of a number of other markets. At the same time, the region is sufficiently distanced from the more competitive markets of Pittsburgh and Philadelphia. Further, there are numerous tuck-in opportunities of collection companies which would help ensure that we receive a stable, long-term waste flow to the landfill.''
WSI is an innovative solid waste management company. The company has built a fully-integrated solid waste management business in Vermont, which it plans on replicating in central Pennsylvania, and has entered into a contract to operate and remodel an existing 30-acre landfill in South Hadley, Mass. The company is also evaluating other acquisitions or opportunities in the Mid-Atlantic and New England markets.
Certain of the above statements may be forward looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors including competitive developments and other risk factors listed from time to time in the company's Securities and Exchange Commission reports. |
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