Waste Connections Announces Agreement to Acquire Harold LeMay Enterprises
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FOLSOM, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Waste Connections, Inc.
(NYSE: WCN) today announced that it has entered into an agreement to acquire
Harold LeMay Enterprises, Incorporated ("LeMay"). Founded in 1942, LeMay is
the largest privately-owned solid waste services company in the Pacific
Northwest with total annual revenue of approximately $100 million. LeMay
provides solid waste collection, recycling and transfer services, a majority
of which under exclusive G Certificates for the counties of Gray's Harbor,
Lewis, Pierce and Thurston. The transaction remains subject to customary
closing conditions, including regulatory approval and receipt of local
municipal consents. Closing is expected to occur in the fourth quarter of
2008.
Waste Connections also announced that it has entered into an agreement
with entities affiliated with LeMay to acquire the remaining interests in
Pierce County Recycling, Composting and Disposal, LLC ("PCRCD"), a provider of
solid waste disposal, transfer, recycling and composting services, which is
currently a majority-owned subsidiary of Waste Connections. Upon completion
of this acquisition, PCRCD will become a wholly-owned subsidiary of Waste
Connections.
"This represents the single largest acquisition for Waste Connections and
solidifies our leading position in Washington. We are extremely excited about
the prospects for our combined operations," said Ronald J. Mittelstaedt,
Chairman and Chief Executive Officer. "LeMay is one of the oldest and most
respected solid waste services companies in the country. We recognize the
trust the LeMay family has placed in us to carry forward its commitments to
both their employees and the communities they serve."
Waste Connections, Inc. is an integrated solid waste services company that
provides solid waste collection, transfer, disposal and recycling services in
mostly secondary markets in the Western and Southern U.S. The Company serves
more than 1.5 million residential, commercial and industrial customers from a
network of operations in 23 states. The Company also provides intermodal
services for the movement of containers in the Pacific Northwest. Waste
Connections, Inc. was founded in September 1997 and is headquartered in
Folsom, California.
For more information, visit the Waste Connections web site at
http://www.wasteconnections.com. Copies of financial literature, including
this release, are available on the Waste Connections web site or through
contacting us directly at (916) 608-8200.
Certain statements contained in this press release are forward-looking in
nature. These statements can be identified by the use of forward-looking
terminology such as "believes," "expects," "may," "will," "should," or
"anticipates," or the negative thereof or comparable terminology, or by
discussions of strategy. Waste Connections' business and operations are
subject to a variety of risks and uncertainties and, consequently, actual
results may differ materially from those projected by any forward-looking
statements. Factors that could cause actual results to differ from those
projected include, but are not limited to, the following: (1) Waste
Connections may be unable to compete effectively with larger and better
capitalized companies and governmental service providers; (2) Waste
Connections' financial results are based upon estimates and assumptions that
may differ from actual results; (3) efforts by labor unions could divert
management attention and adversely affect operating results; (4) Waste
Connections' results are vulnerable to economic conditions and seasonal
factors affecting the regions in which it operates; (5) Waste Connections may
lose contracts through competitive bidding, early termination or governmental
action; (6) competition for acquisition candidates, consolidation within the
waste industry and economic and market conditions may limit Waste Connections'
ability to grow through acquisitions; (7) Waste Connections' growth and future
financial performance depend significantly on its ability to integrate
acquired businesses into its organization and operations; (8) Waste
Connections' acquisitions may not be successful, resulting in changes in
strategy, operating losses or a loss on sale of the business acquired; (9)
Waste Connections' decentralized decision-making structure could allow local
managers to make decisions that adversely affect Waste Connections' operating
results; (10) each business that Waste Connections acquires or has acquired
may have liabilities that Waste Connections fails or is unable to discover,
including environmental liabilities; and (11) the adoption of new accounting
standards or interpretations could adversely affect Waste Connections'
financial results. These risks and uncertainties, as well as others, are
discussed in greater detail in Waste Connections' filings with the Securities
and Exchange Commission, including its most recent Annual Report on Form 10-K.
There may be additional risks of which Waste Connections is not presently
aware or that it currently believes are immaterial which could have an adverse
impact on its business. Waste Connections makes no commitment to revise or
update any forward-looking statements in order to reflect events or
circumstances that may change.
SOURCE Waste Connections, Inc.
Worthing Jackman of Waste Connections, Inc., +1-916-608-8266,
worthingj@wasteconnections.com
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